10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended 9/30/2021

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from              to

Commission File Number: 001-31566

PROVIDENT FINANCIAL SERVICES, INC.

(Exact Name of Registrant as Specified in Its Charter)  

Delaware			42-1547151
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)
239 Washington Street	Jersey City	New Jersey	07302
(Address of Principal Executive Offices)	(City)	(State)	(Zip Code)

(732) 590-9200

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol Symbol(s)	Name of each exchange on which registered
Common	PFS	New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding twelve months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ☐    NO  ý

As of November 1, 2021 there were 83,209,012 shares issued and 77,374,681 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 142,513 shares held by the First Savings Bank Directors’ Deferred Fee Plan not otherwise considered outstanding under U.S. generally accepted accounting principles.

1

PROVIDENT FINANCIAL SERVICES, INC.

INDEX TO FORM 10-Q

 

Item Number		Page Number
PART I—FINANCIAL INFORMATION
1	Financial Statements:
	Consolidated Statements of Financial Condition as of September 30, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statements of Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)	4
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)	8
	Notes to Unaudited Consolidated Financial Statements	10
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
3	Quantitative and Qualitative Disclosures About Market Risk	61
4	Controls and Procedures	62
PART II—OTHER INFORMATION
1	Legal Proceedings	63
1A.	Risk Factors	63
2	Unregistered Sales of Equity Securities and Use of Proceeds	63
3	Defaults Upon Senior Securities	63
4	Mine Safety Disclosures	63
5	Other Information	63
6	Exhibits	63
Signatures		65

2

PART I—FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Financial Condition

September 30, 2021 (Unaudited) and December 31, 2020

(Dollars in Thousands)

 

	September 30, 2021		December 31, 2020
ASSETS
Cash and due from banks	$	296,495	$	404,355
Short-term investments	208,794		127,998
Total cash and cash equivalents	505,289		532,353
Available for sale debt securities, at fair value	1,918,473		1,105,489
Held to maturity debt securities, net (fair value of $441,888 at September 30, 2021 (unaudited) and $472,529 at December 31, 2020)	427,039		450,965
Equity securities, at fair value	1,267		971
Federal Home Loan Bank stock	34,044		59,489
Loans	9,554,600		9,822,890
Less allowance for credit losses	80,033		101,466
Net loans	9,474,567		9,721,424
Foreclosed assets, net	1,619		4,475
Banking premises and equipment, net	78,329		75,946
Accrued interest receivable	40,866		46,450
Intangible assets	465,061		466,212
Bank-owned life insurance	237,042		234,607
Other assets	208,347		221,360
Total assets	$	13,391,943	$	12,919,741
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits	$	8,627,487	$	7,395,508
Savings deposits	1,428,630		1,348,147
Certificates of deposit of $100,000 or more	345,742		717,216
Other time deposits	434,762		376,958
Total deposits	10,836,621		9,837,829
Mortgage escrow deposits	37,564		34,298
Borrowed funds	617,375		1,175,972
Subordinated debentures	25,249		25,135
Other liabilities	195,710		226,710
Total liabilities	11,712,519		11,299,944
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued	—		—
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,012 shares issued and 77,226,485 shares outstanding at September 30, 2021 and 77,611,107 outstanding at December 31, 2020	832		832
Additional paid-in capital	967,203		962,453
Retained earnings	794,713		718,090
Accumulated other comprehensive income	7,757		17,655
Treasury stock	(73,172)		(59,018)
Unallocated common stock held by the Employee Stock Ownership Plan	(17,909)		(20,215)
Common stock acquired by the Directors' Deferred Fee Plan ("DDFP")	(4,124)		(4,549)
Deferred Compensation - Directors' Deferred Fee Plan	4,124		4,549
Total stockholders’ equity	1,679,424		1,619,797
Total liabilities and stockholders’ equity	$	13,391,943	$	12,919,741

See accompanying notes to unaudited consolidated financial statements.

3

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Income

Three and nine months ended September 30, 2021 and 2020 (Unaudited)

(Dollars in Thousands, except per share data)

 

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Interest income:
Real estate secured loans	$	62,470	$	58,897	$	187,363	$	162,635
Commercial loans	24,454		20,622		75,770		58,238
Consumer loans	3,345		4,305		10,249		12,024
Available for sale debt securities, equity securities and Federal Home Loan Bank stock	5,877		6,321		17,211		19,669
Held to maturity debt securities	2,638		2,836		8,122		8,661
Deposits, Federal funds sold and other short-term investments	810		472		1,954		1,932
Total interest income	99,594		93,453		300,669		263,159
Interest expense:
Deposits	6,295		7,400		20,495		26,000
Borrowed funds	1,768		3,862		7,130		13,120
Subordinated debt	303		206		912		206
Total interest expense	8,366		11,468		28,537		39,326
Net interest income	91,228		81,985		272,132		223,833
Provision for credit losses	969		6,400		(24,736)		32,017
Net interest income after provision for credit losses	90,259		75,585		296,868		191,816
Non-interest income:
Fees	6,963		5,736		22,623		17,179
Wealth management income	7,921		6,847		22,914		19,075
Insurance agency income	2,433		1,711		8,009		1,711
Bank-owned life insurance	1,880		1,644		5,970		4,290
Net gains on securities transactions	27		—		257		55
Other income	4,138		4,688		6,383		9,672
Total non-interest income	23,362		20,626		66,156		51,982
Non-interest expense:
Compensation and employee benefits	37,554		35,700		107,737		96,095
Net occupancy expense	7,950		6,993		25,158		19,362
Data processing expense	4,827		5,026		14,629		14,439
FDIC insurance	1,575		1,185		4,915		1,953
Amortization of intangibles	883		918		2,773		2,373
Advertising and promotion expense	783		773		2,586		2,774
Credit loss expense for off-balance sheet credit exposures	980		(575)		2,155		5,714
Other operating expenses	8,888		9,763		28,036		26,447
Total non-interest expense	63,440		59,783		187,989		169,157
Income before income tax expense	50,181		36,428		175,035		74,641
Income tax expense	12,913		9,285		44,417		18,257
Net income	$	37,268	$	27,143	$	130,618	$	56,384
Basic earnings per share	$	0.49	$	0.37	$	1.71	$	0.84
Weighted average basic shares outstanding	76,604,653		72,519,123		76,588,549		67,093,442
Diluted earnings per share	$	0.49	$	0.37	$	1.70	$	0.84
Weighted average diluted shares outstanding	76,685,206		72,604,298		76,673,563		67,173,876

See accompanying notes to unaudited consolidated financial statements.

4

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income

Three and nine months ended September 30, 2021 and 2020 (Unaudited)

(Dollars in Thousands)

 

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net income	$	37,268	$	27,143	$	130,618	$	56,384
Other comprehensive income, net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	(7,990)		(428)		(14,569)		15,388
Reclassification adjustment for gains included in net income	—		—		(171)		—
Total	(7,990)		(428)		(14,740)		15,388
Unrealized gains (losses) on derivatives	1,768		880		5,165		(6,117)
Amortization related to post-retirement obligations	(103)		85		(323)		239
Total other comprehensive (loss) income	(6,325)		537		(9,898)		9,510
Total comprehensive income	$	30,943	$	27,680	$	120,720	$	65,894

See accompanying notes to unaudited consolidated financial statements.

5

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity

For the three and nine months ended September 30, 2020 (Unaudited)

(Dollars in Thousands)

For the three months ended September 30, 2020	COMMON STOCK		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS		ACCUMULATED OTHER COMPREHENSIVE INCOME		TREASURYSTOCK		UNALLOCATED ESOP SHARES		COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS		DEFERRED COMPENSATION PLANS		TOTAL STOCKHOLDERS’ EQUITY
Balance at June 30, 2020	$	832	$	1,009,978	$	685,509	$	12,794	$	(275,359)	$	(23,347)	$	(3,498)	$	3,498	$	1,410,407
Net income	—		—		27,143		—		—		—		—		—		27,143
Other comprehensive income, net of tax	—		—		—		537		—		—		—		—		537
Cash dividends paid	—		—		(18,412)		—		—		—		—		—		(18,412)
Acquisition of supplemental director retirement plan	—		—		—		—		—		—		(1,336)		1,336		—
Distributions from DDFP	—		16		—		—		—		—		168		(168)		16
Purchases of treasury stock	—		—		—		—		(961)		—		—		—		(961)
Purchase of employee restricted shares to fund statutory tax withholding	—		—		—		—		(13)		—		—		—		(13)
Allocation of ESOP shares	—		(163)		—		—		—		768		—		—		605
Allocation of Stock Award Plan ("SAP") shares	—		1,371		—		—		—		—		—		—		1,371
Treasury shares issued due to acquisition	—		(50,387)		—		—		231,215		—		—		—		180,828
Allocation of stock options	—		48		—		—		—		—		—		—		48
Balance at September 30, 2020	$	832	$	960,863	$	694,240	$	13,331	$	(45,118)	$	(22,579)	$	(4,666)	$	4,666	$	1,601,569

For the nine months ended September 30, 2020	COMMONSTOCK		ADDITIONAL PAID-IN CAPITAL		RETAINEDEARNINGS		ACCUMULATED OTHER COMPREHENSIVE INCOME		TREASURYSTOCK		UNALLOCATED  ESOP SHARES		COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS		DEFERRED COMPENSATION PLANS		TOTAL STOCKHOLDERS’ EQUITY
Balance at December 31, 2019	$	832	$	1,007,303	$	695,273	$	3,821	$	(268,504)	$	(24,885)	$	(3,833)	$	3,833	$	1,413,840
Net income	—		—		56,384		—		—		—		—		—		56,384
Other comprehensive income, net of tax	—		—		—		9,510		—		—		—		—		9,510
Cash dividends paid	—		—		(49,106)		—		—		—		—		—		(49,106)
Effect of adopting Accounting Standards Update No. 2016-13 ("CECL")	—		—		(8,311)		—		—		—		—		—		(8,311)
Acquisition of supplemental director retirement plan	—		—		—		—		—		—		(1,336)		1,336		—
Distributions from DDFP	—		68		—		—		—		—		503		(503)		68
Purchases of treasury stock	—		—		—		—		(7,256)		—		—		—		(7,256)
Purchase of employee restricted shares to fund statutory tax withholding	—		—		—		—		(974)		—		—		—		(974)
Shares issued dividend reinvestment plan	—		50		—		—		401		—		—		—		451
Stock option exercises	—		—		—		—		—		—		—		—		—
Allocation of ESOP shares	—		(179)		—		—		—		2,306		—		—		2,127
Allocation of SAP shares	—		3,866		—		—		—		—		—		—		3,866
Treasury shares issued due to acquisition	—		(50,387)		—		—		231,215		—		—		—		180,828
Allocation of stock options	—		142		—		—		—		—		—		—		142
Balance at September 30, 2020	$	832	$	960,863	$	694,240	$	13,331	$	(45,118)	$	(22,579)	$	(4,666)	$	4,666	$	1,601,569

See accompanying notes to unaudited consolidated financial statements.

6

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity

For the three and nine months ended September 30, 2021 (Unaudited)

(Dollars in Thousands)

For the three months ended September 30, 2021	COMMON STOCK		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		TREASURY STOCK		UNALLOCATED ESOP SHARES		COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS		DEFERRED COMPENSATION PLANS		TOTAL STOCKHOLDERS’ EQUITY
Balance at June 30, 2021	832		965,470		775,235		14,082		(59,307)		(18,678)		(4,213)		4,213		1,677,634
Net income	—		—		37,268		—		—		—		—		—		37,268
Other comprehensive loss, net of tax	—		—		—		(6,325)		—		—		—		—		(6,325)
Cash dividends paid	—		—		(17,790)		—		—		—		—		—		(17,790)
Distributions from DDFP	—		38		—		—		—		—		89		(89)		38
Purchases of treasury stock	—		—		—		—		(13,865)		—		—		—		(13,865)
Allocation of ESOP shares	—		225		—		—		—		769		—		—		994
Allocation of SAP shares	—		1,421		—		—		—		—		—		—		1,421
Allocation of stock options	—		49		—		—		—		—		—		—		49
Balance at September 30, 2021	$	832	$	967,203	$	794,713	$	7,757	$	(73,172)	$	(17,909)	$	(4,124)	$	4,124	$	1,679,424

For the nine months ended September 30, 2021	COMMONSTOCK		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)		TREASURY STOCK		UNALLOCATED ESOP SHARES		COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS		DEFERRED COMPENSATION PLANS		TOTAL STOCKHOLDERS’ EQUITY
Balance at December 31, 2020	$	832	$	962,453	$	718,090	$	17,655	$	(59,018)	$	(20,215)	$	(4,549)	$	4,549	$	1,619,797
Net income	—		—		130,618		—		—		—		—		—		130,618
Other comprehensive loss, net of tax	—		—		—		(9,898)		—		—		—		—		(9,898)
Cash dividends paid	—		—		(53,995)		—		—		—		—		—		(53,995)
Distributions from DDFP	—		107		—		—		—		—		425		(425)		107
Purchases of treasury stock	—		—		—		—		(13,913)		—		—		—		(13,913)
Purchase of employee restricted shares to fund statutory tax withholding	—		—		—		—		(961)		—		—		—		(961)
Stock option exercises	—		(82)		—		—		720		—		—		—		638
Allocation of ESOP shares	—		687		—		—		—		2,306		—		—		2,993
Allocation of SAP shares	—		3,887		—		—		—		—		—		—		3,887
Allocation of stock options	—		151		—		—		—		—		—		—		151
Balance at September 30, 2021	$	832	$	967,203	$	794,713	$	7,757	$	(73,172)	$	(17,909)	$	(4,124)	$	4,124	$	1,679,424

See accompanying notes to unaudited consolidated financial statements.

7

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

Nine months ended September 30, 2021 and 2020 (Unaudited)

(Dollars in Thousands)

 

	Nine months ended September 30,
	2021		2020
Cash flows from operating activities:
Net income	$	130,618	$	56,384
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	9,531		7,799
Provision (benefit) charge for credit losses on loans and securities	(24,736)		32,017
Credit loss expense for off-balance sheet credit exposure	2,155		5,714
Deferred tax expense (benefit)	5,323		(7,531)
Amortization of operating lease right-of-use assets	7,559		6,565
Income on Bank-owned life insurance	(5,970)		(4,290)
Net amortization of premiums and discounts on securities	11,032		6,881
Accretion of net deferred loan fees	(5,019)		(6,079)
Amortization of premiums on purchased loans, net	536		779
Net increase in loans originated for sale	(25,016)		(13,559)
Proceeds from sales of loans originated for sale	26,056		14,347
Proceeds from sales and paydowns of foreclosed assets	1,368		3,491
ESOP expense	2,993		2,127
Allocation of stock award shares	3,887		3,866
Allocation of stock options	151		142
Net gain on sale of loans	(1,040)		(788)
Net gain on securities transactions	(257)		(55)
Net gain on sale of premises and equipment	(35)		(806)
Net gain on sale of foreclosed assets	(528)		(859)
Decrease in accrued interest receivable	5,584		5,989
Decrease (increase) in other assets	10,596		(145,561)
(Decrease) increase in other liabilities	(31,000)		78,047
Net cash provided by operating activities	123,788		44,620
Cash flows from investing activities:
Proceeds from maturities, calls and paydowns of held to maturity debt securities	44,054		49,422
Purchases of held to maturity debt securities	(21,417)		(31,686)
Proceeds from sales of securities	9,442		13,905
Proceeds from maturities and paydowns of available for sale debt securities	288,699		247,660
Purchases of available for sale debt securities	(1,140,182)		(137,879)
Proceeds from redemption of Federal Home Loan Bank stock	29,197		88,909
Purchases of Federal Home Loan Bank stock	(3,752)		(90,370)
Cash received, net of cash consideration paid for acquisition	—		78,089
BOLI claim benefits received	3,851		6,527
Purchases of loans	(2,060)		—
Net decrease (increase) in loans	274,399		(668,612)
Proceeds from sales of premises and equipment	35		806
Purchases of premises and equipment	(8,348)		(6,977)
Net cash used in investing activities	(526,082)		(450,206)
Cash flows from financing activities:
Net increase in deposits	998,792		698,854

8

	Nine months ended September 30,
	2021		2020
Increase in mortgage escrow deposits	3,266		706
Cash dividends paid to stockholders	(53,995)		(49,106)
Shares issued dividend reinvestment plan	—		451
Purchase of treasury stock	(13,913)		(7,256)
Purchase of employee restricted shares to fund statutory tax withholding	(961)		(974)
Stock options exercised	638		—
Proceeds from long-term borrowings	727,985		1,810,999
Payments on long-term borrowings	(1,275,440)		(1,649,915)
Net decrease in short-term borrowings	(11,142)		(74,783)
Net cash provided by financing activities	375,230		728,976
Net (decrease) increase in cash and cash equivalents	(27,064)		323,390
Cash and cash equivalents at beginning of period	532,353		186,748
Cash and cash equivalents at end of period	$	505,289	$	510,138
Cash paid during the period for:
Interest on deposits and borrowings	$	28,266	$	37,506
Income taxes	$	41,165	$	22,534
Non-cash investing activities:
Transfer of loans receivable to foreclosed assets	$	434	$	2,516
Acquisitions:
Non-cash assets acquired at fair value:
Investment securities	$	—	255,242
Loans, net	—		1,752,529
Bank-owned life insurance	—		37,237
Goodwill and other intangible assets	1,422		$	32,404
Bank premises and equipment	—		16,620
Other assets	(1,422)		19,786
Total non-cash assets acquired at fair value	$	—	$	2,113,818
Liabilities assumed
Deposits	$	—	$	1,757,777
Borrowings and subordinated debt	—		226,656
Other Liabilities	—		26,648
Total liabilities assumed	$	—	$	2,011,081
Common stock issued for acquisitions	$	—	$	180,828

See accompanying notes to unaudited consolidated financial statements.

9

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Summary of Significant Accounting Policies

A. Basis of Financial Statement Presentation

The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”).

In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change.

The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021.

Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.

These unaudited consolidated financial statements should be read in conjunction with the December 31, 2020 Annual Report to Stockholders on Form 10-K.

B. Earnings Per Share

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands, except per share amounts):

	Three months ended September 30,
	2021					2020
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	37,268				$	27,143
Basic earnings per share:
Income available to common stockholders	$	37,268	76,604,653	$	0.49	$	27,143	72,519,123	$	0.37
Dilutive shares			80,553					85,175
Diluted earnings per share:
Income available to common stockholders	$	37,268	76,685,206	$	0.49	$	27,143	72,604,298	$	0.37

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	Nine months ended September 30,
	2021					2020
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	130,618				$	56,384
Basic earnings per share:
Income available to common stockholders	$	130,618	76,588,549	$	1.71	$	56,384	67,093,442	$	0.84
Dilutive shares			85,014					80,434
Diluted earnings per share:
Income available to common stockholders	$	130,618	76,673,563	$	1.70	$	56,384	67,173,876	$	0.84

Anti-dilutive stock options and awards at September 30, 2021 and 2020, totaling 830,628 shares and 1.1 million shares, respectively, were excluded from the earnings per share calculations.

C. Loans Receivable and Allowance for Credit Losses

On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with the current expected credit loss methodology (“CECL”). The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL.

Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses on loans will be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and nine months ended September 30, 2021, the improved economic outlook and the resulting lower allowance requirements led to reductions to the provisions for credit losses and off-balance sheet credit exposures. See Note 4 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans.

D. Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of July 1, 2021. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted.

Note 2. Business Combinations

SB One Bancorp Acquisition

On July 31, 2020, the Company completed its acquisition of SB One Bancorp ("SB One"), which added $2.20 billion to total assets, $1.77 billion to total loans and $1.76 billion to total deposits, and 18 full-service banking offices in New Jersey and New York. As part of the acquisition, the addition of SB One Insurance Agency, Inc. expanded the Company's product offerings to its customers to include an array of commercial and personal insurance products.

Under the merger agreement, each share of outstanding SB One common stock was exchanged for 1.357 shares of the Company's common stock. The Company issued 12.8 million shares of common stock from treasury stock, plus cash in lieu of fractional shares in the acquisition of SB One. The total consideration paid for the acquisition of SB One was $180.8 million. In connection with the acquisition, SB One Bank, a wholly owned subsidiary of SB One, was merged with and into Provident Bank, a wholly owned subsidiary of the Company.

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The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired was recorded as goodwill and initially totaled $22.4 million. The calculation of goodwill was subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. (see Goodwill section for further details).

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One, net of cash consideration paid (in thousands):

	At July 31, 2020
Assets acquired:
Cash and cash equivalents, net	$	78,089
Available for sale debt securities	231,645
Held to maturity debt securities	12,381
Federal Home Loan Bank stock	11,216
Loans	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Loans, net	1,752,529
Bank-owned life insurance	37,237
Banking premises and equipment	16,620
Accrued interest receivable	8,947
Goodwill	22,439
Other intangibles assets	9,965
Foreclosed assets, net	2,441
Other assets	12,199
Total assets acquired	$	2,195,708
Liabilities assumed:
Deposits	1,757,777
Borrowed funds	201,582
Subordinated debentures	25,074
Other liabilities	30,447
Total liabilities assumed	$	2,014,880
Net assets acquired	$	180,828

Fair Value Measurement of Assets Assumed and Liabilities Assumed

The methods used to determine the fair value of the assets acquired and liabilities assumed in the SB One acquisition were as follows:

Securities Available for Sale

The estimated fair values of the available for sale debt securities, primarily comprised of U.S. Government agency mortgage-backed securities and U.S. government agencies and municipal bonds carried on SB One's balance sheet was confirmed using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities and a fair value adjustment was not recorded on the investments.

Held to Maturity Debt Securities

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The estimated fair values of the held to maturity debt securities, primarily comprised of municipal bonds, were determined using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities. A fair value premium of $133,000 was recorded on the investments.

Loans

Loans acquired in the SB One acquisition were recorded at fair value, and there was no carryover related allowance for loan and lease losses. The fair values of loans acquired from SB One were estimated using the discounted cash flow method based on the remaining maturity and repricing terms. Cash flows were adjusted for expected losses and prepayments. Projected cash flows were then discounted to present value based on: the relative risk of the cash flows, taking into account the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and monthly principal and interest cash flows were discounted to present value and summed to arrive at the calculated value of the loans. The fair value of the acquired loans receivable had a gross amortized cost basis of $1.77 billion.  

For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, the Company prepared the interest rate loan fair value and credit fair value adjustments. Loans were grouped into pools based on similar characteristics, such as loan type, fixed or adjustable interest rates, payment type, index rate and caps/floors, and non-accrual status. The loans were valued at the sub-pool level and were pooled at the summary level based on loan type. Market rates for similar loans were obtained from various internal and external data sources and reviewed by management for reasonableness. The average of these market rates was used as the fair value interest rate that a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value premium of $8.4 million.

Loans acquired that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics.

Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans in accordance with ASC 326-20. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecasts inclusive of the impact of the COVID-19 pandemic and related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, SB One and peer banks. A $13.6 million allowance for credit losses was recorded on PCD loans. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield amortization or straight line method over the expected life of the loans. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses.

The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands):

Gross amortized cost basis at July 31, 2020	$	1,787,057
Interest rate fair value adjustment on all loans	455
Credit fair value adjustment on non-PCD loans	(21,397)
Fair value of acquired loans at July 31, 2020	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Fair value of acquired loans at July 31, 2020	$	1,752,529

The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

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Banking Premises and Equipment

The Company acquired 18 branches from SB One, eight of which were owned premises. The fair value of properties acquired was derived by valuations prepared by an independent third party utilizing the sales comparison approach to value the property as improved.

Core Deposit Intangible and Customer Relationship Intangible

The fair value of the core deposit intangible was determined based on a discounted cash flow analysis using a discount rate commensurate with market participants. To calculate cash flows, deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the cost of alternative funding sources available through national brokered CD offering rates. The projected cash flows were developed using projected deposit attrition rates.

The fair value of the customer relationship intangible was determined based on a discounted cash flow analysis using the excess of the future cash inflows (i.e., revenue from existing customer relationships) over the related cash outflows (i.e., operating costs) generated over the useful life of the acquired customer base. These cash flows were discounted to present value using an asset-specific risk-adjusted discount rate. The projected cash flows were developed using projected customer revenue retention rates.

The core deposit intangible totaled $3.2 million and is being amortized over its estimated useful life of approximately 10 years based on dollar weighted deposit runoff on an annualized basis. The insurance agency customer relationship intangible totaled $6.8 million and is being amortized over its estimated useful life of approximately 13 years based on customer revenue attrition on an annualized basis.

Goodwill

As noted above, the acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired was recorded as goodwill, and initially totaled $22.4 million. The calculation of goodwill was subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available.

The Company updated certain estimates used in the purchase price allocation, primarily with respect to the marginal tax rate of deferred tax assets (“DTA”). As a result, the fair value of the net assets acquired decreased by $1.4 million. The impact of these measurement period adjustments increased goodwill to $23.9 million. The Company has finalized the purchase price allocation and these measurement period adjustments are recorded as current period adjustments in accordance with ASU 2015-16. Goodwill is not deductible for tax purposes and will be evaluated annually for impairment.

Bank Owned Life Insurance ("BOLI")

SB One's BOLI cash surrender value was $37.2 million with no fair value adjustment.

Time Deposits

The fair value adjustment for time deposits represents a discount from the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar-term time deposits. The time deposit discount of approximately $4.3 million is being amortized into income on a level yield amortization method over the contractual life of the deposits.

Borrowings

The fair value of Federal Home Loan Bank of New York ("FHLBNY") advances was determined based on a discounted cash flow analysis using a discount rate commensurate with FHLBNY rates as of July 31, 2020. The cash flows of the advances were projected based on the scheduled payments of the fixed rate of each advance.

Subordinated Debentures

At the valuation date, SB One had one outstanding Trust Preferred and one subordinated debt issuance with an aggregate balance of $27.5 million. The fair value of Trust Preferred and subordinated debt issuances was determined based on a discounted cash flow analysis using a discount rate commensurate with yields and terms of comparable issuances. The cash flows were projected through the remaining contractual term of the Trust Preferred issuance and based on the call date for the subordinated debt issuance.

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Note 3. Investment Securities

At September 30, 2021, the Company had $1.92 billion and $427.0 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio. The total number of available for sale and held to maturity debt securities in an unrealized loss position at September 30, 2021 totaled 160, compared with 49 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021 was due to higher current market interest rates compared to rates at December 31, 2020.

On January 1, 2020, the Company adopted CECL which replaces the incurred loss methodology with an expected loss methodology. The Company did not record an allowance for credit losses on available for sale debt securities as this portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed immaterial. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. The Company recorded a $70,000 increase to the allowance for credit losses on held to maturity debt securities with a corresponding cumulative effect adjustment to decrease retained earnings by $52,000, net of income taxes. (See Adoption of CECL table below for additional detail.)

Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types:

•Agency obligations;

•Mortgage-backed securities;

•State and municipal obligations; and

•Corporate obligations.

All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal, and corporate obligations carry no lower than A ratings from the rating agencies at September 30, 2021 and the Company had two securities rated BBB by Moody’s Investors Service.

The Company adopted CECL using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of CECL.

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Available for Sale Debt Securities

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
U.S. Treasury obligations	$	99,463	184	(125)	99,522
Mortgage-backed securities	1,653,880		20,628	(11,447)	1,663,061
Asset-backed securities	45,989		1,891	—	47,880
State and municipal obligations	68,950		681	(147)	69,484
Corporate obligations	38,131		531	(136)	38,526
	$	1,906,413	23,915	(11,855)	1,918,473

	December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	1,001	8	—	1,009
Mortgage-backed securities	910,393		28,872	(852)	938,413
Asset-backed securities	52,295		1,535	—	53,830
State and municipal obligations	69,687		1,666	(95)	71,258
Corporate obligations	40,194		809	(24)	40,979
	$	1,073,570	32,890	(971)	1,105,489

The amortized cost and fair value of available for sale debt securities at September 30, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	September 30, 2021
	Amortized cost		Fair value
Due in one year or less	$	—	—
Due after one year through five years	56,536		56,576
Due after five years through ten years	84,512		84,999
Due after ten years	65,496		65,957
	$	206,544	207,532

Investments which pay principal on a periodic basis totaling $1.70 billion at amortized cost and $1.71 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

For the three months ended September 30, 2021, no securities were sold or called from the available for sale debt securities portfolio. For the nine months ended September 30, 2021, proceeds from sales on securities in the available for sale debt securities portfolio totaled $9.4 million, with gains of $230,000 and no loss recognized. For the three and nine months ended September 30, 2020, proceeds from calls on securities in the available for sale debt securities portfolio totaled $13.9 million, with no gain or loss recognized.

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The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
U.S. Treasury obligations	$	49,596	(125)	—	—	49,596	(125)
Mortgage-backed securities	940,975		(11,447)	33	—	941,008	(11,447)
State and municipal obligations	24,846		(147)	—	—	24,846	(147)
Corporate obligations	6,710		(136)	—	—	6,710	(136)
	$	1,022,127	(11,855)	33	—	1,022,160	(11,855)

	December 31, 2020
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Mortgage-backed securities	$	127,600	(824)	8,007	(28)	135,607	(852)
State and municipal obligations	5,275		(95)	—	—	5,275	(95)
Corporate obligations	—		—	2,000	(24)	2,000	(24)
	$	132,875	(919)	10,007	(52)	142,882	(971)

The number of available for sale debt securities in an unrealized loss position at September 30, 2021 totaled 99, compared with 42 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021 was due to higher current market interest rates compared to rates at December 31, 2020. At September 30, 2021, there was one private label mortgage-backed security in an unrealized loss position, with an amortized cost of $17,277 and an unrealized loss of $450. This private-label mortgage-backed security was investment grade at September 30, 2021.

Held to Maturity Debt Securities

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	9,996	—	(54)	9,942
Mortgage-backed securities	29		1	—	30
State and municipal obligations	407,424		15,485	(589)	422,320
Corporate obligations	9,632		34	(70)	9,596
	$	427,081	15,520	(713)	441,888

At September 30, 2021, the allowance for credit losses on held to maturity debt securities totaled $42,000.

	December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	7,600	6	(5)	7,601
Mortgage-backed securities	62		2	—	64
State and municipal obligations	433,655		21,442	(58)	455,039
Corporate obligations	9,726		101	(2)	9,825
	$	451,043	21,551	(65)	472,529

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At December 31, 2020, the allowance for credit losses on held to maturity debt securities totaled $78,000.

The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair value may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three and nine months ended September 30, 2021 and 2020. For the three and nine months ended September 30, 2021, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $21.1 million and $34.0 million, respectively. As to these calls on securities, for the three and nine months ended September 30, 2021, there were gross gains of $26,505 and no gross losses. For the three and nine months ended September 30, 2020, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $13.7 million and $39.5 million, respectively. As to these calls on securities, for the three months ended September 30, 2020, there were no gross gains and no gross losses. For the nine months ended September 30, 2020, there were gross gains of 55,000 and no gross losses.

The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at September 30, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	September 30, 2021
	Amortized cost		Fair value
Due in one year or less	$	—	—
Due after one year through five years	160,344		163,784
Due after five years through ten years	201,125		211,120
Due after ten years	65,583		66,954
	$	427,052	441,858

Mortgage-backed securities totaling $29,000 at amortized cost and $30,000 at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. Additionally, the allowance for credit losses totaling $42,000 is excluded from the table above.

The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities	$	6	—	6
Allowance for credit losses on municipal securities	64		—	64
Allowance for credit losses on held to maturity debt securities	$	70	—	70

The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021 Unrealized Losses
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Agency obligations	$	9,942	(54)	—	—	9,942	(54)
State and municipal obligations	31,291		(519)	2,077	(70)	33,368	(589)
Corporate obligations	7,221		(70)	—	—	7,221	(70)
	$	48,454	(643)	2,077	(70)	50,531	(713)

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	December 31, 2020 Unrealized Losses
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Agency obligations	$	1,995	(5)	—	—	1,995	(5)
State and municipal obligations	4,846		(41)	406	(17)	5,252	(58)
Corporate obligations	786		(2)	—	—	786	(2)
	$	7,627	(48)	406	(17)	8,033	(65)

The number of held to maturity debt securities in an unrealized loss position at September 30, 2021 totaled 61, compared with 7 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021, was due to higher current market interest rates compared to rates at December 31, 2020.

Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of September 30, 2021 (in thousands):

	September 30, 2021
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total
Agency obligations	$	9,996	—	—	—	—	9,996
Mortgage-backed securities	29		—	—	—	—	29
State and municipal obligations	48,348		309,708	48,057	655	656	407,424
Corporate obligations	—		2,621	6,986	—	25	9,632
	$	58,373	312,329	55,043	655	681	427,081
	December 31, 2020
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total
Agency obligations	$	7,600	—	—	—	—	7,600
Mortgage-backed securities	62		—	—	—	—	62
State and municipal obligations	57,830		311,155	53,302	1,115	10,253	433,655
Corporate obligations	—		3,255	6,446	—	25	9,726
	$	65,492	314,410	59,748	1,115	10,278	451,043

Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. At September 30, 2021, the held to maturity debt securities portfolio was comprised of 14% rated AAA, 73% rated AA, 13% rated A, and less than 1% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated, such as U.S. Government mortgage-backed securities, were grouped where possible under the credit rating of the issuer of the security.

At September 30, 2021, the allowance for credit losses on held to maturity debt securities was $42,000, a decrease from $78,000 at December 31, 2020.

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Note 4. Loans Receivable and Allowance for Credit Losses

On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. The adoption of the new standard resulted in the Company recording a $7.9 million increase to the allowance for credit losses on loans with a corresponding cumulative effect adjustment to decrease retained earnings by $5.9 million, net of income taxes. (See Adoption of CECL table below for additional detail.)

Loans receivable at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Mortgage loans:
Residential	$	1,230,018	1,294,702
Commercial	3,704,684		3,458,666
Multi-family	1,379,773		1,484,515
Construction	685,792		541,939
Total mortgage loans	7,000,267		6,779,822
Commercial loans	2,234,020		2,567,470
Consumer loans	333,741		492,566
Total gross loans	9,568,028		9,839,858
Premiums on purchased loans	1,313		1,566
Unearned discounts	(6)		(12)
Net deferred fees	(14,735)		(18,522)
Total loans	$	9,554,600	9,822,890

In the first quarter of 2021, $101.7 million of loans acquired in the SB One transaction that were previously classified as consumer loans were classified as commercial mortgage loans, following further analysis of the underwriting documents and operational intent of the borrower. These loans are comprised of term loans and lines of credit secured by 1-4 family residential properties that are held by borrowers to generate rental income.

The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands):

	September 30, 2021
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Residential	$	4,667	2,177	7,263	—	14,107	1,215,911	1,230,018	7,263
Commercial	843		—	32,619	—	33,462	3,671,222	3,704,684	22,617
Multi-family	250		—	439	—	689	1,379,084	1,379,773	439
Construction	—		—	2,967	—	2,967	682,825	685,792	2,967
Total mortgage loans	5,760		2,177	43,288	—	51,225	6,949,042	7,000,267	33,286
Commercial loans	1,668		1,028	21,434	—	24,130	2,209,890	2,234,020	15,159
Consumer loans	2,129		—	1,479	—	3,608	330,133	333,741	1,479
Total gross loans	$	9,557	3,205	66,201	—	78,963	9,489,065	9,568,028	49,924

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	December 31, 2020
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Residential	$	15,789	8,852	9,315	—	33,956	1,260,746	1,294,702	9,315
Commercial	761		113	31,982	—	32,856	3,425,810	3,458,666	20,482
Multi-family	206		585	—	—	791	1,483,724	1,484,515	—
Construction	—		—	1,392	—	1,392	540,547	541,939	1,392
Total mortgage loans	16,756		9,550	42,689	—	68,995	6,710,827	6,779,822	31,189
Commercial loans	1,658		1,179	42,118	—	44,955	2,522,515	2,567,470	15,541
Consumer loans	4,348		4,519	2,283	—	11,150	481,416	492,566	2,283
Total gross loans	$	22,762	15,248	87,090	—	125,100	9,714,758	9,839,858	49,013

Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $66.2 million and $87.1 million at September 30, 2021 and December 31, 2020, respectively. Included in non-accrual loans were $28.5 million and $35.3 million of loans which were less than 90 days past due at September 30, 2021 and December 31, 2020, respectively. There were no loans 90 days or greater past due and still accruing interest at September 30, 2021 and December 31, 2020.

Management has elected to measure an allowance for credit losses for accrued interest receivables specifically related to any loan that has been deferred as a result of COVID-19. Generally, accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status.

The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million, for which, based on current information, the Bank does not expect to collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). An allowance for collateral-dependent impaired loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required.

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have been no significant time lapses resulting from this process.

At September 30, 2021, there were 159 impaired loans totaling $68.0 million. Included in this total were 111 TDRs related to 107 borrowers totaling $21.8 million that were performing in accordance with their restructured terms and which continued to accrue interest at September 30, 2021. At December 31, 2020, there were 169 impaired loans totaling $86.0 million, of which 135 loans totaling $39.6 million were TDRs. Included in this total were 112 TDRs to 110 borrowers totaling $23.1 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2020.

At September 30, 2021 and December 31, 2020, the Company had $31.7 million and $26.3 million related to the fair value of underlying collateral-dependent impaired loans, respectively. These collateral-dependent impaired loans at September 30, 2021 consisted of $30.1 million in commercial loans, $1.6 million in residential real estate loans, and $75,000 in consumer loans. The collateral for these impaired loans was primarily real estate.

The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):

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Three months ended September 30,	Mortgage loans		Commercial loans	Consumer loans	Total
2021
Balance at beginning of period	$	55,469	21,262	4,228	80,959
Provision charge (benefit) to operations	626		963	(589)	1,000
Recoveries of loans previously charged-off	71		336	140	547
Loans charged-off	(2,110)		(263)	(100)	(2,473)
Balance at end of period	$	54,056	22,298	3,679	80,033
2020
Balance at beginning of period	$	54,871	25,284	6,104	86,259
Provision charge to operations	2,922		2,767	722	6,411
Initial allowance on credit loans related to PCD loans	11,984		1,582	20	13,586
Recoveries of loans previously charged-off	35		679	144	858
Loans charged-off	(22)		(727)	(51)	(800)
Balance at end of period	$	69,790	29,585	6,939	106,314

Nine months ended September 30,	Mortgage loans		Commercial loans	Consumer loans	Total
2021
Balance at beginning of period	$	68,307	27,084	6,075	101,466
Provision benefit to operations	(11,760)		(10,319)	(2,621)	(24,700)
Recoveries of loans previously charged-off	538		6,654	640	7,832
Loans charged-off	(3,029)		(1,121)	(415)	(4,565)
Balance at end of period	$	54,056	22,298	3,679	80,033
2020
Balance at beginning of period	$	25,511	28,263	1,751	55,525
Provision charge to operations	17,987		12,672	1,352	32,011
Initial allowance on credit loans related to PCD loans	11,984		1,582	20	13,586
Recoveries of loans previously charged-off	143		1,597	370	2,110
Increase (decrease) due to initial CECL adoption - retained earnings	14,188		(9,974)	3,706	7,920
Loans charged-off	(23)		(4,555)	(260)	(4,838)
Balance at end of period	$	69,790	29,585	6,939	106,314

As a result of the January 1, 2020 adoption of CECL, the Company recorded a $7.9 million increase to the allowance for credit losses on loans. For the three and nine months ended September 30, 2021, the Company recorded a $1.0 million provision for credit losses on loans and a $24.7 million negative provision for credit losses on loans, respectively. The reduction in provision for credit losses for three and nine months ended September 30, 2021, compared to the same period in the prior year, was primarily the result of improved asset quality, an improved economic forecast and the resultant favorable impact on expected credit losses, compared to the prior year where the provision for credit losses was based upon a weak economic forecast and a more uncertain outlook attributable to the COVID-19 pandemic.

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The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Loans
Residential	$	8,950	3,414	5,536
Commercial	17,118		12,831	4,287
Multi-family	9,519		3,374	6,145
Construction	4,152		5,892	(1,740)
Total mortgage loans	39,739		25,511	14,228
Commercial loans	18,254		28,263	(10,009)
Consumer loans	5,452		1,751	3,701
Allowance for credit losses on loans	$	63,445	55,525	7,920

The following tables summarize loans receivable by portfolio segment and impairment method (in thousands):

	September 30, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	50,577	16,177	1,284	68,038
Collectively evaluated for impairment	6,949,690		2,217,843	332,457	9,499,990
Total gross loans	$	7,000,267	2,234,020	333,741	9,568,028

	December 31, 2020
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	48,783	35,832	1,431	86,046
Collectively evaluated for impairment	6,731,039		2,531,638	491,135	9,753,812
Total gross loans	$	6,779,822	2,567,470	492,566	9,839,858

The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands):

	September 30, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	1,574	3,604	57	5,235
Collectively evaluated for impairment	52,482		18,694	3,622	74,798
Total gross loans	$	54,056	22,298	3,679	80,033

	December 31, 2020
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	4,220	4,715	39	8,974
Collectively evaluated for impairment	64,087		22,369	6,036	92,492
Total gross loans	$	68,307	27,084	6,075	101,466

Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, management attempts to obtain

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additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible.

The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020, along with their balances immediately prior to the modification date and post-modification as of September 30, 2021 and 2020 (in thousands):

	For the three months ended
	September 30, 2021					September 30, 2020
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
Mortgage loans:
Residential	2	$	375	$	369	1	$	91	$	79
Total mortgage loans	2	375		369		1	91		79
Commercial loans	—	—		—		1	1,399		1,399
Total restructured loans	2	$	375	$	369	2	$	1,490	$	1,478

	For the nine months ended
	September 30, 2021					September 30, 2020
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment		Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
Mortgage loans:
Residential	3	$	546	$	538	2	$	434	$	360
Total mortgage loans	3	546		538		2	434		360
Commercial loans	4	2,940		2,318		5	2,882		2,791
Total restructured loans	7	$	3,486	$	2,856	7	$	3,316	$	3,151

All TDRs are impaired loans, which are individually evaluated for impairment. During the three and nine months ended September 30, 2021, $2.1 million and $3.5 million of charge-offs were recorded on collateral-dependent impaired loans, respectively. During the three and nine months ended September 30, 2020, $612,000 and $3.8 million of charge-offs were recorded on collateral-dependent impaired loans, respectively. For the nine months ended September 30, 2021, the allowance for credit losses associated with the TDRs presented in the preceding tables totaled $56,000, and was included in the allowance for credit losses for loans individually evaluated for impairment.

For the three and nine months ended September 30, 2021, the TDRs presented in the preceding tables had a weighted average modified interest rate of 3.22% and 4.35%, respectively, compared to a weighted average rate of 4.83% and 4.64% prior to modification, for the three and nine months ended September 30, 2021, respectively.

There were no loans which had a payment default (90 days or more past due) for loans modified as TDRs within the 12 month periods ending September 30, 2021 and September 30, 2020. For TDRs that subsequently default, the Company determines the amount of the allowance for the respective loans in accordance with the accounting policy for the allowance for credit losses on loans individually evaluated for impairment.

As allowed by CECL, the Company elected to maintain pools of loans accounted for under ASC 310-30. At December 31, 2020, purchased credit impaired (“PCI”) loans totaled $746,000. In accordance with the CECL standard, management did not reassess whether modifications of individually acquired financial assets accounted for in pools were TDRs as of the date of adoption. Loans considered to be PCI prior to January 1, 2020 were converted to PCD loans on that date. Any additional loans acquired by the Company after January 1, 2020 that experience more-than-insignificant deterioration in credit quality after origination, will be classified as PCD loans.

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The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Fair value of PCD loans	307,796
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

At September 30, 2021, the balance of PCD loans totaled $259.3 million with a related allowance for credit losses of $12.3 million. The balance of PCD loans at December 31, 2020 was $296.6 million with a related allowance for credit losses of $13.1 million.

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The following table presents loans individually evaluated for impairment by class and loan category (in thousands):

	September 30, 2021						December 31, 2020
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance	Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	12,088	9,447	—	9,588	331	13,981	11,380	—	11,587	511
Commercial	26,407		20,277	—	23,012	65	17,414	17,414	—	16,026	60
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	2,200		2,190	—	2,148	30	—	—	—	—	—
Total	40,695		31,914	—	34,748	426	31,395	28,794	—	27,613	571
Commercial loans	9,989		7,461	—	7,760	26	15,895	14,009	—	12,791	46
Consumer loans	1,412		880	—	909	53	1,382	880	—	7	50
Total impaired loans	$	52,096	40,255	—	43,417	505	48,672	43,683	—	40,411	667
Loans with an allowance recorded
Mortgage loans:
Residential	$	8,113	7,781	860	7,855	198	7,950	7,506	806	7,604	307
Commercial	11,288		10,882	714	11,098	36	14,993	12,483	3,414	123	570
Multi-family	—		—	—	—	—	—	—	—	—	—
Total	19,401		18,663	1,574	18,953	234	22,943	19,989	4,220	7,727	877
Commercial loans	9,614		8,716	3,604	12,198	221	24,947	21,823	4,715	18,620	311
Consumer loans	423		404	57	411	14	565	551	39	5	20
Total impaired loans	$	29,438	27,783	5,235	31,562	469	48,455	42,363	8,974	26,352	1,208
Total impaired loans
Mortgage loans:
Residential	$	20,201	17,228	860	17,443	529	21,931	18,886	806	19,191	818
Commercial	37,695		31,159	714	34,110	101	32,407	29,897	3,414	16,149	630
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	2,200		2,190	—	2,148	30	—	—	—	—	—
Total	60,096		50,577	1,574	53,701	660	54,338	48,783	4,220	35,340	1,448
Commercial loans	19,603		16,177	3,604	19,958	247	40,842	35,832	4,715	31,411	357
Consumer loans	1,835		1,284	57	1,320	67	1,947	1,431	39	12	70
Total impaired loans	$	81,534	68,038	5,235	74,979	974	97,127	86,046	8,974	66,763	1,875

Specific allocations of the allowance for credit losses attributable to impaired loans totaled $5.2 million at September 30, 2021 and $9.0 million at December 31, 2020. At September 30, 2021 and December 31, 2020, impaired loans for which there was no related allowance for credit losses totaled $40.3 million and $43.7 million, respectively. The average balance of impaired loans for the nine months ended September 30, 2021 and the twelve months ended December 31, 2020 was $75.0 million and $66.8 million, respectively.

Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal

26

risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third-party. Reports by the independent third-party are presented directly to the Audit Committee of the Board of Directors.

The Company participated in the Paycheck Protection Program (“PPP”) through the United States Department of the Treasury and Small Business Administration ("SBA"). As of September 30, 2021, the Company secured 2,066 PPP loans for its customers totaling $681.9 million, which includes both the initial round and the second round of PPP. As of September 30, 2021, 1,521 PPP loans totaling $508.1 million were forgiven. The balance at September 30, 2021 for PPP loans was $173.8 million. The PPP loans are fully guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan was made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the SBA to the Company. PPP loans are included in the commercial loan portfolio.

The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2021 and December 31, 2020 (in thousands):

	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	1,211	589	—	—	1,800
Substandard	—		—	—	280	483	10,131	—	—	10,894
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	280	1,694	10,720	—	—	12,694
Pass/Watch	199,446		246,325	121,486	70,897	77,692	501,478	—	—	1,217,324
Total residential	$	199,446	246,325	121,486	71,177	79,386	512,198	—	—	1,230,018
Commercial Mortgage
Special mention	$	—	1,797	30,621	28,757	23,089	42,003	1,094	—	127,361
Substandard	—		—	21	27,507	8,234	54,097	926	—	90,785
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,797	30,642	56,264	31,323	96,100	2,019	—	218,145
Pass/Watch	444,371		596,262	597,957	327,684	424,605	979,094	90,511	26,055	3,486,539
Total commercial mortgage	$	444,371	598,059	628,599	383,948	455,928	1,075,194	92,530	26,055	3,704,684
Multi-family
Special mention	$	—	—	673	—	3,072	279	—	—	4,024
Substandard	—		439	1,156	—	—	1,422	—	—	3,017
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		439	1,829	—	3,072	1,701	—	—	7,041
Pass/Watch	74,438		303,340	175,132	192,255	138,762	484,289	2,894	1,622	1,372,732
Total multi-family	$	74,438	303,779	176,961	192,255	141,834	485,990	2,894	1,622	1,379,773

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	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Construction
Special mention	$	—	1,975	17,622	—	7,300	—	—	—	26,897
Substandard	—		—	—	2,967	—	—	—	—	2,967
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,975	17,622	2,967	7,300	—	—	—	29,864
Pass/Watch	114,736		156,051	252,329	124,346	2,110	418	—	5,938	655,928
Total construction	$	114,736	158,026	269,951	127,313	9,410	418	—	5,938	685,792
Total Mortgage
Special mention	$	—	3,772	48,916	28,757	34,672	42,871	1,094	—	160,082
Substandard	—		439	1,177	30,754	8,717	65,650	926	—	107,663
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		4,211	50,093	59,511	43,389	108,521	2,019	—	267,744
Pass/Watch	832,991		1,301,978	1,146,904	715,182	643,169	1,965,279	93,405	33,615	6,732,523
Total Mortgage	$	832,991	1,306,189	1,196,997	774,693	686,558	2,073,800	95,424	33,615	7,000,267
Commercial
Special mention	$	1,980	2,818	3,839	3,331	21,391	41,325	3,210	3,465	81,359
Substandard	—		89	7,024	5,956	16,050	67,708	20,403	2,534	119,764
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,980		2,907	10,863	9,287	37,441	109,033	23,613	5,999	201,122
Pass/Watch	397,519		228,692	182,346	170,359	147,442	514,271	350,255	42,013	2,032,897
Total commercial	$	399,499	231,599	193,209	179,646	184,883	623,304	373,868	48,011	2,234,020
Consumer (1)
Special mention	$	—	—	—	—	—	—	—	—	—
Substandard	—		—	17	119	80	1,117	7	63	1,403
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	17	119	80	1,117	7	63	1,403
Pass/Watch	19,260		5,721	26,796	22,511	16,842	106,577	117,533	17,098	332,339
Total consumer	$	19,260	5,721	26,813	22,630	16,922	107,694	117,540	17,162	333,741
Total Loans
Special mention	$	1,980	6,590	52,755	32,088	56,063	84,196	4,304	3,465	241,440
Substandard	—		528	8,218	36,829	24,847	134,475	21,335	2,597	228,829
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—

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	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Total criticized and classified	1,980		7,118	60,973	68,917	80,910	218,671	25,639	6,062	470,270
Pass/Watch	1,249,770		1,536,391	1,356,046	908,052	807,453	2,586,127	561,193	92,727	9,097,759
Total gross loans	$	1,251,750	1,543,509	1,417,019	976,969	888,363	2,804,798	586,832	98,788	9,568,028

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	123	2,759	—	—	2,882
Substandard	164		3,375	1,669	2,221	2,184	17,039	—	—	26,652
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	164		3,375	1,669	2,221	2,307	19,798	—	—	29,534
Pass/Watch	271,858		152,117	93,588	101,943	119,563	526,099	—	—	1,265,168
Total residential	$	272,022	155,492	95,257	104,164	121,870	545,897	—	—	1,294,702
Commercial Mortgage
Special mention	$	—	29,268	33,446	22,838	3,041	34,992	—	1,045	124,630
Substandard	—		1,905	3,687	21,095	10,185	61,441	—	—	98,313
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		31,173	37,133	43,933	13,226	96,433	—	1,045	222,943
Pass/Watch	596,364		600,904	395,280	432,590	302,034	809,779	68,650	30,122	3,235,723
Total commercial mortgage	$	596,364	632,077	432,413	476,523	315,260	906,212	68,650	31,167	3,458,666
Multi-family
Special mention	$	—	682	19,837	3,117	5,558	300	—	288	29,782
Substandard	—		—	—	—	—	1,568	—	—	1,568
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		682	19,837	3,117	5,558	1,868	—	288	31,350
Pass/Watch	291,995		180,271	187,880	169,310	131,297	486,649	3,418	2,346	1,453,165
Total multi-family	$	291,995	180,953	207,717	172,427	136,855	488,517	3,418	2,633	1,484,515
Construction
Special mention	$	1,991	14,508	7,877	—	—	—	—	—	24,376
Substandard	—		—	4,309	615	—	—	—	—	4,924

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	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,991		14,508	12,186	615	—	—	—	—	29,300
Pass/Watch	88,777		236,021	138,190	43,224	1,568	512	—	4,347	512,639
Total construction	$	90,768	250,529	150,376	43,839	1,568	512	—	4,347	541,939
Total Mortgage
Special mention	$	1,991	44,458	61,160	25,955	8,722	38,051	—	1,333	181,670
Substandard	164		5,280	9,665	23,931	12,369	80,048	—	—	131,457
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	2,155		49,738	70,825	49,886	21,091	118,099	—	1,333	313,127
Pass/Watch	1,248,994		1,169,313	814,938	747,067	554,462	1,823,039	72,067	36,815	6,466,695
Total Mortgage	$	1,251,149	1,219,051	885,763	796,953	575,553	1,941,138	72,067	38,148	6,779,822
Commercial
Special mention	$	—	6,295	6,038	27,251	9,779	81,355	22,745	3,617	157,080
Substandard	—		7,324	2,527	16,139	40,512	41,831	16,738	2,018	127,090
Doubtful	—		—	—	—	—	—	52	—	52
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		13,619	8,565	43,390	50,291	123,186	39,536	5,635	284,222
Pass/Watch	695,125		207,400	205,892	179,068	141,925	415,729	397,408	40,700	2,283,247
Total commercial	$	695,125	221,019	214,457	222,458	192,216	538,915	436,944	46,335	2,567,470
Consumer (1)
Special mention	$	—	3	—	70	28	299	1,304	163	1,867
Substandard	25		49	14	—	2,912	1,230	1,236	1,278	6,744
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	25		52	14	70	2,940	1,529	2,540	1,441	8,611
Pass/Watch	12,746		50,605	54,962	45,698	25,539	143,685	135,839	14,881	483,955
Total consumer	$	12,771	50,657	54,976	45,768	28,479	145,214	138,378	16,323	492,566
Total Loans
Special mention	$	1,991	50,756	67,198	53,276	18,529	119,705	24,049	5,113	340,617
Substandard	189		12,653	12,206	40,070	55,793	123,109	17,975	3,296	265,291
Doubtful	—		—	—	—	—	—	52	—	52
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	2,180		63,409	79,404	93,346	74,322	242,814	42,076	8,410	605,960

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	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Pass/Watch	1,956,865		1,427,318	1,075,792	971,833	721,926	2,382,453	605,314	92,396	9,233,898
Total gross loans	$	1,959,045	1,490,727	1,155,196	1,065,179	796,248	2,625,267	647,390	100,806	9,839,858

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

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Note 5. Deposits

Deposits at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Savings	$	1,428,630	1,348,147
Money market	2,461,688		2,245,412
NOW	3,558,816		2,808,637
Non-interest bearing	2,606,983		2,341,459
Certificates of deposit	780,504		1,094,174
Total deposits	$	10,836,621	9,837,829

Note 6. Borrowed Funds

Borrowed funds at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Securities sold under repurchase agreements	$	114,004	99,936
FHLB line of credit	—		25,000
FHLB advances	503,371		1,051,036
Total borrowed funds	$	617,375	1,175,972

At September 30, 2021, FHLB advances were at fixed rates and mature between October 2021 and July 2025, and at December 31, 2020, FHLB advances were at fixed rates with maturities between January 2021 and June 2025. These advances are secured by loans receivable under a blanket collateral agreement.

Scheduled maturities of FHLB advances at September 30, 2021 are as follows (in thousands):

	2021
Due in one year or less	$	347,623
Due after one year through two years	58,589
Due after two years through three years	22,899
Due after three years through four years	74,260
Due after four years through five years	—
Thereafter	—
Total FHLB advances	$	503,371

Scheduled maturities of securities sold under repurchase agreements at September 30, 2021 are as follows (in thousands):

	2021
Due in one year or less	$	114,004
Due after one year through two years	—
Due after two years through three years	—
Due after three years through four years	—
Due after four years through five years	—
Thereafter	—
Total securities sold under repurchase agreements	$	114,004

The following tables set forth certain information as to borrowed funds for the periods ended September 30, 2021 and December 31, 2020 (in thousands):

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	Maximum balance		Average balance	Weighted average interest rate
September 30, 2021
Securities sold under repurchase agreements	$	123,415	112,838	0.05	%
FHLB line of credit	—		275	0.34	%
FHLB advances	941,939		731,127	1.30
December 31, 2020
Securities sold under repurchase agreements	$	115,233	86,194	0.28	%
FHLB line of credit	422,000		97,853	1.09
FHLB advances	1,177,083		1,045,282	1.49

Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements.

At September 30, 2021 and December 31, 2020, available for sale debt securities pledged as collateral for repurchase agreements totaled $129.7 million and $105.1 million, respectively.

Interest expense on borrowings for the three and nine months ended September 30, 2021 amounted to $1.8 million and $7.1 million, respectively. Interest expense on borrowings for the three and nine months ended September 30, 2020 amounted to $3.9 million and $13.1 million, respectively.

Note 7. Components of Net Periodic Benefit Cost

The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial.

In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006.

Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 and 2020 includes the following components (in thousands):

	Three months ended September 30,					Nine months ended September 30,
	Pension benefits			Other post-retirement benefits		Pension benefits			Other post-retirement benefits
	2021		2020	2021	2020	2021		2020	2021	2020
Service cost	$	—	—	8	19	$	—	—	26	59
Interest cost	198		250	106	178	594		750	318	534
Expected return on plan assets	(807)		(737)	—	—	(2,421)		(2,211)	—	—
Amortization of prior service cost	—		—	—	—	—		—	—	—
Amortization of the net loss (gain)	118		174	(267)	(62)	354		522	(803)	(186)
Net periodic (decrease) increase in benefit cost	$	(491)	(313)	(153)	135	$	(1,473)	(939)	(459)	407

In its consolidated financial statements for the year ended December 31, 2020, the Company previously disclosed that it does not expect to contribute to the pension plan in 2021. As of September 30, 2021, no contributions have been made to the pension plan.

The net periodic (decrease) increase in benefit cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 were calculated using the January 1, 2021 pension and other post-retirement benefits actuarial valuations.

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Note 8. Impact of Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

ASU 2020-04, "Reference Rate Reform (Topic 848)" ("ASU 2020-04") provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or re-measurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company anticipates this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than the extinguishment of the old contract resulting in writing off unamortized fees/costs. In addition, in January 2021 the FASB issued ASU No. 2021-01 “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The Company is evaluating the impacts of this guidance and has not determined whether LIBOR transition and this guidance will have material effects on the Company's business operations and consolidated financial statements.

Note 9. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. This new methodology applies to off-balance sheet credit exposures, including loan commitments and lines of credit. The adoption of this new standard resulted in the Company recording a $3.2 million increase to the allowance for credit losses on off-balance sheet credit exposures with a corresponding cumulative effect adjustment to decrease retained earnings $2.4 million, net of income taxes.

Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses.

The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure	$	3,206	—	3,206

For the three and nine months ended September 30, 2021, the Company recorded a $980,000 and $2.2 million provision for credit losses for off-balance sheet credit exposures, respectively. For the three and nine months ended September 30, 2020, the Company recorded a $575,000 negative provision for credit losses for off-balance sheet credit exposures and a $5.7 million provision for credit losses for off-balance sheet credit exposures, respectively. The increase for the three months ended September 30, 2021, compared to the prior year was primarily a function of an increase in the pipeline of loans that have been approved and awaiting closing, partially offset by an improved economic forecast resulting in a decline in projected loss factors. The decrease for the nine months ended September 30, 2021, compared to the prior year was primarily a function of an improved economic forecast resulting in a decline in projected loss factors, partially offset by an increase in the pipeline of loans that have been approved and awaiting closing.

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The allowance for credit losses for off-balance sheet credit exposures was $7.2 million and $5.0 million at September 30, 2021 and December 31, 2020, respectively, and are included in other liabilities on the Consolidated Statements of Financial Condition.

Note 10. Fair Value Measurements

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, Management utilizes various valuation techniques to estimate fair value.

Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument.

GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1:	Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2:	Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3:	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of September 30, 2021 and December 31, 2020.

Available for Sale Debt Securities, at Fair Value

For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As Management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, Management compares the prices received from the pricing service to a secondary pricing source. Additionally, Management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in an adjustment in the prices obtained from the pricing service.

Equity Securities, at Fair Value

The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs.

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Derivatives

The Company records all derivatives on the statements of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan related transaction which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings.

The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.

Assets Measured at Fair Value on a Non-Recurring Basis

The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of September 30, 2021 and December 31, 2020.

Collateral-Dependent Impaired Loans

For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 5% and 10%. Management classifies these loans as Level 3 within the fair value hierarchy.

Foreclosed Assets

Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for credit losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred.

There were no changes to the valuation techniques for fair value measurements as of September 30, 2021 and December 31, 2020.

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The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands):

	Fair Value Measurements at Reporting Date Using:
	September 30, 2021		Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations	$	99,522	99,522	—	—
Mortgage-backed securities	1,663,061		—	1,663,061	—
Asset-backed securities	47,880		—	47,880	—
State and municipal obligations	69,484		—	69,484	—
Corporate obligations	38,526		—	38,526	—
Total available for sale debt securities	1,918,473		99,522	1,818,951	—
Equity securities	1,267		1,267	—	—
Derivative assets	76,223		—	76,223	—
	$	1,995,963	100,789	1,895,174	—
Derivative liabilities	$	77,039	—	77,039	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	31,747	—	—	31,747
Foreclosed assets	1,619		—	—	1,619
	$	33,366	—	—	33,366

	Fair Value Measurements at Reporting Date Using:
	December 31, 2020		Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
Agency obligations	$	1,009	1,009	—	—
Mortgage-backed securities	938,413		—	938,413	—
Asset-backed securities	53,830		—	53,830	—
State and municipal obligations	71,258		—	71,258	—
Corporate obligations	40,979		—	40,979	—
Total available for sale debt securities	1,105,489		1,009	1,104,480	—
Equity Securities	971		971	—	—
Derivative assets	101,079		—	101,079	—
	$	1,207,539	1,980	1,205,559	—
Derivative liabilities	$	109,148	—	109,148	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	26,250	—	—	26,250
Foreclosed assets	4,475		—	—	4,475
	$	30,725	—	—	30,725

There were no transfers between Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2021.

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Other Fair Value Disclosures

The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities.

Cash and Cash Equivalents

For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. Included in cash and cash equivalents at September 30, 2021 and December 31, 2020 was $47.6 million and $114.3 million, respectively, representing cash collateral pledged to secure loan level swaps and reserves required by banking regulations.

Held to Maturity Debt Securities

For held to maturity debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. Management evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy.

Federal Home Loan Bank of New York ("FHLBNY") Stock

The carrying value of FHLBNY stock is its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy.

Loans

Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date (i.e. exit pricing). The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3.

The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3.

Deposits

The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2.

Borrowed Funds

The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy.

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Commitments to Extend Credit and Letters of Credit

The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The Company classifies these commitments as Level 3 within the fair value hierarchy.

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments.

Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

The following tables present the Company’s financial instruments at their carrying and fair values as of September 30, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy.

39

			Fair Value Measurements at September 30, 2021 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	505,289	505,289	505,289	—	—
Available for sale debt securities:
U.S. Treasury obligations	99,522		99,522	99,522	—	—
Agency obligations	—		—	—	—	—
Mortgage-backed securities	1,663,061		1,663,061	—	1,663,061	—
Asset-backed securities	47,880		47,880		47,880
State and municipal obligations	69,484		69,484	—	69,484	—
Corporate obligations	38,526		38,526	—	38,526	—
Total available for sale debt securities	$	1,918,473	1,918,473	99,522	1,818,951	—
Held to maturity debt securities, net of allowance for credit losses:
Agency obligations	9,996		9,942	9,942	—	—
Mortgage-backed securities	29		30	—	30	—
State and municipal obligations	407,397		422,320	—	422,320	—
Corporate obligations	9,617		9,596	—	9,596	—
Total held to maturity debt securities, net of allowance for credit losses	$	427,039	441,888	9,942	431,946	—
FHLBNY stock	34,044		34,044	34,044	—	—
Equity Securities	1,267		1,267	1,267	—	—
Loans, net of allowance for credit losses	9,474,567		9,630,317	—	—	9,630,317
Derivative assets	76,223		76,223	—	76,223	—
Financial liabilities:
Deposits other than certificates of deposits	$	10,056,117	10,056,117	10,056,117	—	—
Certificates of deposit	780,504		782,364	—	782,364	—
Total deposits	$	10,836,621	10,838,481	10,056,117	782,364	—
Borrowings	617,375		619,821	—	619,821	—
Subordinated debentures	25,249		29,548	—	29,548	—
Derivative liabilities	77,039		77,039	—	77,039	—

40

			Fair Value Measurements at December 31, 2020 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	532,353	532,353	532,353	—	—
Available for sale debt securities:
U.S. Treasury obligations			—	—	—	—
Agency obligations	1,009		1,009	1,009	—	—
Mortgage-backed securities	938,413		938,413	—	938,413	—
Asset-backed securities	53,830		53,830		53,830
State and municipal obligations	71,258		71,258	—	71,258	—
Corporate obligations	40,979		40,979	—	40,979	—
Total available for sale debt securities	$	1,105,489	1,105,489	1,009	1,104,480	—
Held to maturity debt securities:
Agency obligations	$	7,600	7,601	7,601	—	—
Mortgage-backed securities	62		64	—	64	—
State and municipal obligations	433,589		455,039	—	455,039	—
Corporate obligations	9,714		9,825	—	9,825	—
Total held to maturity debt securities	$	450,965	472,529	7,601	464,928	—
FHLBNY stock	59,489		59,489	59,489	—	—
Equity Securities	971		971	971	—	—
Loans, net of allowance for credit losses	9,721,424		9,969,330	—	—	9,969,330
Derivative assets	101,079		101,079	—	101,079	—
Financial liabilities:
Deposits other than certificates of deposits	$	8,743,655	8,743,655	8,743,655	—	—
Certificates of deposit	1,094,174		1,097,993	—	1,097,993	—
Total deposits	$	9,837,829	9,841,648	8,743,655	1,097,993	—
Borrowings	1,175,972		1,193,024	—	1,193,024	—
Subordinated Debt	25,135		24,375	—	24,375	—
Derivative liabilities	109,148		109,148	—	109,148	—

41

Note 11. Other Comprehensive Income

The following table presents the components of other comprehensive income, both gross and net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three months ended September 30,
	2021				2020
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$	(10,765)	2,775	(7,990)	(578)	150	(428)
Reclassification adjustment for gains included in net income	—		—	—	—	—	—
Total	(10,765)		2,775	(7,990)	(578)	150	(428)
Unrealized gains on derivatives (cash flow hedges)	2,382		(614)	1,768	1,186	(306)	880
Amortization related to post-retirement obligations	(138)		35	(103)	115	(30)	85
Total other comprehensive (loss) income	$	(8,521)	2,196	(6,325)	723	(186)	537

	Nine months ended September 30,
	2021				2020
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$	(19,630)	5,061	(14,569)	20,733	(5,345)	15,388
Reclassification adjustment for gains included in net income	(230)		59	(171)	—	—	—
Total	(19,860)		5,120	(14,740)	20,733	(5,345)	15,388
Unrealized gains ( losses) on derivatives (cash flow hedges)	6,959		(1,794)	5,165	(8,242)	2,125	(6,117)
Amortization related to post-retirement obligations	(435)		112	(323)	322	(83)	239
Total other comprehensive (loss) income	$	(13,336)	3,438	(9,898)	12,813	(3,303)	9,510

42

The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax for the three months ended September 30,
	2021					2020
	Unrealized Gains (Losses) on Available for Sale Debt Securities		Post- Retirement Obligations	Unrealized (Losses) Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains on  Available for Sale Debt Securities	Post-  Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive(Loss) Income
Balance at June 30,	$	16,940	(1,301)	(1,557)	14,082	24,562	(5,086)	(6,682)	12,794
Current - period other comprehensive (loss) income	(7,990)		(103)	1,768	(6,325)	(428)	85	880	537
Balance at September 30,	$	8,950	(1,404)	211	7,757	24,134	(5,001)	(5,802)	13,331

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax for the nine months ended September 30,
	2021					2020
	Unrealized Gains (Losses) on Available for Sale Debt Securities		Post-  Retirement Obligations	Unrealized (Losses) Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains (Losses) on  Available for Sale Debt Securities	Post- Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive(Loss) Income
Balance at December 31,	$	23,690	(1,081)	(4,954)	17,655	8,746	(5,240)	315	3,821
Current - period other comprehensive (loss) income	(14,740)		(323)	5,165	(9,898)	15,388	239	(6,117)	9,510
Balance at September 30,	$	8,950	(1,404)	211	7,757	24,134	(5,001)	(5,802)	13,331

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The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the three months ended September 30,			Affected line item in the Consolidated Statement of Income
	2021		2020
Details of AOCI:
Post-retirement obligations:
Amortization of actuarial (losses) gains	$	(149)	112	Compensation and employee benefits (1)
	38		(27)	Income tax expense
Total reclassification	$	(111)	85	Net of tax

	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the nine months ended September 30,			Affected line item in the Consolidated Statement of Income
	2021		2020
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale	$	(230)	—	Net gain on securities transactions
	59		—	Income tax expense
	(171)		—	Net of tax
Post-retirement obligations:
Amortization of actuarial (losses) gains	$	(449)	336	Compensation and employee benefits (1)
	119		(97)	Income tax expense
Total reclassification	$	(330)	239	Net of tax

(1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost.

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Note 12. Derivative and Hedging Activities

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities.

Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualified commercial borrowers in loan related transactions which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company may execute interest rate swaps with qualified commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower's commercial real estate financed by the Company. As the Company has not elected to apply hedge accounting and these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At September 30, 2021 and December 31, 2020, the Company had 170 and 172 loan related interest rate swaps, respectively, with aggregate notional amounts of $2.55 billion and $2.63 billion, respectively.

The Company periodically enters into risk participation agreements ("RPAs"), with the Company functioning as either the lead institution, or as a participant when another company is the lead institution on a commercial loan. These RPAs are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPAs, the Company will either receive or make a payment in the event the borrower defaults on the related interest rate contract. The Company has minimum collateral posting thresholds with certain of its risk participation counterparties, and has posted collateral of $650,000 against the potential risk of default by the borrower under these agreements. At September 30, 2021 and December 31, 2020, the Company had 13 credit derivatives, with aggregate notional amounts of $140.7 million and $121.7 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At September 30, 2021 and December 31, 2020, the fair value of these credit derivatives were $106,500 and $97,000, respectively.

Cash Flow Hedges of Interest Rate Risk. The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable payment amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. 

Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2021 and 2020, such derivatives were used to hedge the variable cash outflows associated with borrowings and brokered demand deposits.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings or demand deposits. During the next twelve months, the Company estimates that $3.3 million will be reclassified as an increase to interest expense. As of September 30, 2021, the Company had 14 outstanding interest rate derivatives with an aggregate notional amount of $600.0 million that were each designated as a cash flow hedge of interest rate risk.

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The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at September 30, 2021 and December 31, 2020 (in thousands):

	At September 30, 2021
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair  value (1)		Consolidated Statements of Financial Condition	Fair  value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	71,779	Other liabilities	72,947
Credit contracts	Other assets	107		Other liabilities	40
Total derivatives not designated as a hedging instrument		$	71,886		72,987
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	4,337	Other liabilities	4,052
Total derivatives designated as a hedging instrument		$	4,337		4,052

	At December 31, 2020
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair value (1)		Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	107,652	Other liabilities	109,148
Credit contracts	Other assets	97		Other liabilities	—
Total derivatives not designated as a hedging instrument		$	107,749		109,148
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	(6,671)	Other liabilities	—
Total derivatives designated as a hedging instrument		$	(6,671)		—

(1) The fair values related to interest rate products in the above derivative financial instruments tables show the value of assets and liabilities, excluding accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020.

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 (in thousands).

		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	September 30, 2021		September 30, 2020
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	191	26
Credit contracts	Other income	(19)		460
Total		$	172	486
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	1,030	855
Total		$	1,030	855

46

		Gain (loss) recognized in income on derivatives for the nine months ended
	Consolidated Statements of Income	September 30, 2021		September 30, 2020
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	268	(1,022)
Credit contracts	Other income	28		459
Total		$	296	(563)
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	2,856	875
Total		$	2,856	875

Assets and liabilities relating to certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Statements of Condition and/or subject to enforceable master netting arrangements or similar agreements. The Company does not offset asset and liabilities under such arrangements in the Consolidated Statements of Condition.

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at September 30, 2021 and December 31, 2020 (in thousands).

	Fair Values of Derivative Instruments as of September 30, 2021
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,272,593	Other assets	$	72,511	$	1,272,593	Other liabilities	$	73,679
Credit contracts	47,712		Other assets	107		92,950		Other liabilities	40
Total derivatives not designated as a hedging instrument				72,618					73,719
Derivatives designated as a hedging instrument:
Interest rate products	250,000		Other assets	4,301		350,000		Other liabilities	4,493
Total gross derivative amounts recognized on the balance sheet				76,919					78,212
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	76,919				$	78,212
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	16,195				$	16,195
Cash collateral - institutional counterparties (1)				—					46,895
Net derivatives not offset				$	60,724				$	15,122

47

	Fair Values of Derivative Instruments as of December 31, 2020
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,316,163	Other assets	$	108,519	$	1,316,163	Other liabilities	$	109,957
Credit contracts	47,745		Other assets	97		73,954		Other liabilities	58
Total derivatives not designated as a hedging instrument				108,616					110,015
Derivatives designated as a hedging instrument:
Interest rate products	175,000		Other assets	498		425,000		Other liabilities	7,582
Total gross derivative amounts recognized on the balance sheet				109,114					117,597
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	109,114				$	117,597
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	928				$	928
Cash collateral - institutional counterparties (1)				—					113,620
Net derivatives not offset				$	108,186				$	3,049

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020.

The Company has agreements with certain of its dealer counterparties which contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be deemed in default on its derivative obligations.

In addition, the Company has agreements with certain of its dealer counterparties which contain a provision that if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.

At September 30, 2021, the Company had four dealer counterparties. The Company had a net liability position with respect to all four of the counterparties. The termination value for this net liability position, which includes accrued interest, was $50.0 million at September 30, 2021. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $46.9 million against its obligations under these agreements. If the Company had breached any of these provisions at September 30, 2021, it could have been required to settle its obligations under the agreements at the termination value.

48

Note 13. Revenue Recognition

The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For the three months and nine months ended September 30, 2021, the out-of-scope revenue related to financial instruments was 81.0% and 82.0% of the Company's total revenue, respectively, compared to 81.9% and 83.5% for the three and nine months ended September 30, 2020, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams are generally classified into three categories: wealth management revenue, insurance agency income and banking service charges and other fees.

The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three months ended September 30,			Nine months ended September 30,
	2021		2020	2021	2020
Non-interest income
In-scope of Topic 606:
Wealth management fees	$	7,921	6,847	22,914	19,075
Insurance agency income	2,433		1,711	8,009	1,711
Banking service charges and other fees:
Service charges on deposit accounts	2,910		2,473	7,965	7,520
Debit card and ATM fees	913		1,693	4,789	4,167
Total banking service charges and other fees	3,823		4,166	12,754	11,687
Total in-scope non-interest income	14,177		12,724	43,677	32,473
Total out-of-scope non-interest income	9,185		7,902	22,479	19,509
Total non-interest income	$	23,362	20,626	66,156	51,982

Wealth management fee income represents fees earned from customers as consideration for asset management, investment advisory and trust services. The Company’s performance obligation is generally satisfied monthly and the resulting fees are recognized monthly. The fee is generally based upon the average market value of the assets under management ("AUM") for the month and the applicable fee rate. The monthly accrual of wealth management fees is recorded in other assets on the Company's Consolidated Statements of Financial Condition. Fees are received from the customer on a monthly basis. The Company does not earn performance-based incentives. To a lesser extent, optional services such as tax return preparation and estate settlement are also available to existing customers. The Company’s performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at either a point in time when the service is completed, or in the case of estate settlement, over a relatively short period of time, as each service component is completed.

Insurance agency income, consisting of commissions and fees, is generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments. Profit-sharing contingent commissions are recognized when determinable, which is generally when such commissions are received from insurance companies, or when the Company receives formal notification of the amount of such payments.

Service charges on deposit accounts include overdraft service fees, account analysis fees and other deposit related fees. These fees are generally transaction-based, or time-based services. The Company's performance obligation for these services are generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of transaction, or monthly. Debit card and ATM fees are generally transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at the time of transaction or monthly.

49

Out-of-scope non-interest income primarily consists of Bank-owned life insurance and net fees on loan level interest rate swaps, along with gains and losses on the sale of loans and foreclosed real estate, loan prepayment fees and loan servicing fees. None of these revenue streams are subject to the requirements of Topic 606.

Note 14. Leases

The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at September 30, 2021 and December 31, 2020 (in thousands):

	Classification	September 30, 2021		December 31, 2020
Lease Right-of-Use Assets:
Operating lease right-of-use assets	Other assets	$	48,491	$	41,142
Lease Liabilities:
Operating lease liabilities	Other liabilities	$	49,630	$	42,042

The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company considers the first renewal option to be reasonably certain and includes it in the calculation of the right-of use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied.

All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040.

At September 30, 2021, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.1 years and 2.80%, respectively.

The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):

	Three months ended September 30, 2021		Three months ended September 30, 2020
Lease Costs
Operating lease cost	$	2,417	$	2,303
Variable lease cost	728		754
Total lease cost	$	3,145	$	3,057

	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Lease Costs
Operating lease cost	$	7,559	$	6,565
Variable lease cost	2,247		2,085
Total lease cost	$	9,806	$	8,650

Cash paid for amounts included in the measurement of lease liabilities:	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Operating cash flows from operating leases	$	6,861	$	6,528

50

During the three and nine months ended September 30, 2021, the Company added one new lease obligation related to the Company's new office location in Woodbridge, New Jersey. The Company recorded a right-of-use asset and lease liability of $10.0 million for this lease obligation.

Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021, were as follows (in thousands):

	Operating leases
Twelve months ended:
Remainder of 2021	$	2,081
2022	7,351
2023	7,102
2024	6,720
2025	6,154
Thereafter	27,405
Total future minimum lease payments	56,813
Amounts representing interest	7,183
Present value of net future minimum lease payments	$	49,630

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

Certain statements contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” "project," "intend," “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

In addition, the COVID-19 pandemic continues to have an uncertain impact on the Company, its customers and the communities it serves. Given its ongoing and dynamic nature, including potential variants, it is difficult to predict the continuing impact of the pandemic on the Company's business, financial condition or results of operations. The extent of such impact will depend on future developments, which remain highly uncertain, including when the pandemic will be controlled and abated, and the extent to which the economy can remain open, as well as government responses to the COVID-19 pandemic, including vaccine mandates, which may affect our workforce, human capital resources and infrastructure. As the result of the pandemic and the related adverse local and national economic consequences, the Company could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to remain substantially open, and higher levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for credit losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; our wealth management revenues may decline with continuing market turmoil; we may face the risk of a goodwill write-down due to stock price decline; and our cyber security risks are increased as the result of an increased number of employees working remotely.

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The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The Company advises readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not have any obligation to update any forward-looking statements to reflect events or circumstances after the date of this statement.

Acquisition

SB One Bancorp Acquisition

On July 31, 2020, the Company completed its acquisition of SB One Bancorp ("SB One"), which added $2.20 billion to total assets, $1.77 billion to total loans and $1.76 billion to total deposits, and added 18 full-service banking offices in New Jersey and New York. As part of the acquisition, the addition of SB One Insurance Agency, Inc. allows the Company to expand its products offerings to its customers to include an array of commercial and personal insurance products.

Under the merger agreement, each share of outstanding SB One common stock was exchanged for 1.357 shares of the Company's common stock. The Company issued 12.8 million shares of common stock from treasury stock, plus cash in lieu of fractional shares in the acquisition of SB One. The total consideration paid for the acquisition of SB One was $180.8 million. In connection with the acquisition, SB One Bank, a wholly owned subsidiary of SB One, was merged with and into Provident Bank, a wholly owned subsidiary of the Company.

Critical Accounting Policies

The Company considers certain accounting policies to be critically important to the fair presentation of its financial condition and results of operations. These policies require management to make complex judgments on matters which by their nature have elements of uncertainty. The sensitivity of the Company’s consolidated financial statements to these critical accounting policies, and the assumptions and estimates applied, could have a significant impact on its financial condition and results of operations. These assumptions, estimates and judgments made by management can be influenced by a number of factors, including the general economic environment. The Company has identified the following as critical accounting policies:

•Adequacy of the allowance for credit losses; and

•Valuation of deferred tax assets

On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with the current expected credit loss (“CECL”) methodology. It also applies to off-balance sheet credit exposures, including loan commitments and lines of credit. The adoption of the new standard resulted in the Company recording a $7.9 million increase to the allowance for credit losses and a $3.2 million liability for off-balance sheet credit exposures. The adoption of the standard did not result in a change to the Company's results of operations upon adoption as it was recorded as an $8.3 million cumulative effect adjustment, net of income taxes, to retained earnings.

The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses.

The calculation of the allowance for credit losses is a critical accounting policy of the Company. Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and peers provides the basis for the estimation of expected credit losses, where observed credit losses are converted to probability of default rate (“PDR”) curves through the use of segment-specific loss given default (“LGD”) risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical PDR curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle.

Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using an externally developed economic forecast. This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four quarter reversion period to

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historical average macroeconomic factors. The Company's economic forecast is approved by the Company's Asset-Liability Committee.

The allowance for credit losses is measured on a collective (pool) basis, with both a quantitative and qualitative analysis that is applied on a quarterly basis, when similar risk characteristics exist. The respective quantitative allowance for each segment is measured using an econometric, discounted PD/LGD modeling methodology in which distinct, segment-specific multi-variate regression models are applied to an external economic forecast. Under the discounted cash flows methodology, expected credit losses are estimated over the effective life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring (“TDR”) will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

After quantitative considerations, management applies additional qualitative adjustments so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date. Qualitative considerations include limitations inherent in the quantitative model; portfolio concentrations that may affect loss experience across one or more components of the portfolio; changes in industry conditions; changes in the Company’s loan review process; changes in the Company's loan policies and procedures, economic forecast uncertainty and model imprecision.

Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation. The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. As of September 30, 2021, the portfolio and class segments for the Company’s loan portfolio were:

•Mortgage Loans – Residential, Commercial Real Estate, Multi-Family and Construction

•Commercial Loans – Commercial Owner Occupied and Commercial Non-Owner Occupied

•Consumer Loans – First Lien Home Equity and Other Consumer

The allowance for credit losses on loans individually evaluated for impairment is based upon loans that have been identified through the Company’s normal loan monitoring process. This process includes the review of delinquent and problem loans at the Company’s Delinquency, Credit, Credit Risk Management and Allowance Committees; or which may be identified through the Company’s loan review process. Generally, the Company only evaluates loans individually for impairment if the loan is non-accrual, non-homogeneous and the balance is at least $1.0 million, or if the loan was modified as a TDR.

For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. If the loan is not collateral dependent, the allowance for credit losses related to individually assessed loans is based on discounted expected cash flows using the loan’s initial effective interest rate.

A loan for which the terms have been modified resulting in a concession by the Company, and for which the borrower is experiencing financial difficulties is considered to be a TDR. The allowance for credit losses on a TDR is measured using the same method as all other impaired loans, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring.

For loans acquired that have experienced more-than-insignificant deterioration in credit quality since origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses.

Management believes the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment or a protracted period of elevated unemployment, increasing vacancy rates in commercial investment properties and possible increases in interest rates in the absence of economic improvement. As the impact of COVID-19 continues to unfold, the effectiveness of medical advances, government programs, and the resulting impact on consumer behavior and employment conditions will have a material bearing on future credit conditions. Any one or a

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combination of these events may adversely affect borrowers’ ability to repay the loans, resulting in increased delinquencies, credit losses and higher levels of provisions. Management considers it important to maintain the ratio of the allowance for credit losses to total loans at an acceptable level given current and forecasted economic conditions, interest rates and the composition of the portfolio.

Although management believes that the Company has established and maintained the allowance for credit losses at appropriate levels, additions may be necessary if future economic and other conditions differ substantially from the current operating environment and economic forecast. Management evaluates its estimates and assumptions on an ongoing basis giving consideration to forecasted economic factors, historical loss experience and other factors. Such estimates and assumptions are adjusted when facts and circumstances dictate. In addition to the ongoing impact of COVID-19, illiquid credit markets, volatile securities markets, and declines in the housing and commercial real estate markets and the economy in general may increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. In addition, various regulatory agencies periodically review the adequacy of the Company’s allowance for credit losses as an integral part of their examination process. Such agencies may require the Company to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. Although management uses the best information available, the level of the allowance for credit losses remains an estimate that is subject to significant judgment and short-term change.

The CECL approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors creates greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and nine months ended September 30, 2021, the changing economic forecasts attributable to COVID-19 and projected economic recovery led to the Company recording either a reduction in, or a negative provision for credit losses, compared to the same periods last year. See Note 4 to the Consolidated Financial Statements and the Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for more information on the allowance for credit losses on loans.

The determination of whether deferred tax assets will be realizable is predicated on the reversal of existing deferred tax liabilities and estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation allowance is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company did not require a valuation allowance at September 30, 2021 or December 31, 2020.

COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 2021 AND DECEMBER 31, 2020

Total assets at September 30, 2021 were $13.39 billion, a $472.2 million increase from December 31, 2020. The increase in total assets was primarily due to a $763.9 million increase in total investments, partially offset by a $268.3 million decrease in total loans and a $27.1 million decrease in cash and cash equivalents.

The Company’s loan portfolio decreased $268.3 million to $9.55 billion at September 30, 2021, from $9.82 billion at December 31, 2020, despite strong originations, as prepayments, including Paycheck Protection Program ("PPP") loan forgiveness, were elevated. For the nine months ended September 30, 2021, loan funding, including advances on lines of credit, totaled $2.54 billion, compared with $2.63 billion for the same period in 2020. Originations under PPP programs totaled $208.7 million and $397.8 million for the nine month periods ended September 30, 2021 and 2020, respectively. Total PPP loans outstanding decreased $299.4 million to $173.8 million at September 30, 2021, from $473.2 million at December 31, 2020. Excluding the net decrease in PPP loans, during the nine months ended September 30, 2021, the Company experienced net increases in commercial mortgage loans and construction loans of $246.0 million and $143.9 million, respectively, partially offset by net decreases in consumer loans, multi-family loans, residential mortgage loans and commercial loans of $158.8 million, $104.7 million, $64.7 million and $34.1 million, respectively. Commercial real estate, commercial and construction loans represented 83.7% of the loan portfolio at September 30, 2021, compared to 81.8% at December 31, 2020.

The Company participates in loans originated by other banks, including participations designated as Shared National Credits (“SNCs”). The Company’s gross commitments and outstanding balances as a participant in SNCs were $186.1 million and $99.9 million, respectively, at September 30, 2021, compared to $218.2 million and $126.6 million, respectively, at December 31, 2020. No SNC relationship were 90 days or more delinquent at September 30, 2021.

The Company had outstanding junior lien mortgages totaling $140.8 million at September 30, 2021. Of this total, nine loans totaling $440,471 were 90 days or more delinquent with an allowance for credit losses of $12,161.

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The following table sets forth information regarding the Company’s non-performing assets as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
Mortgage loans:
Residential	$	7,263	9,315
Commercial	32,619		31,982
Construction	2,967		1,392
Total mortgage loans	43,288		42,689
Commercial loans	21,434		42,118
Consumer loans	1,479		2,283
Total non-performing loans	66,201		87,090
Foreclosed assets	1,619		4,475
Total non-performing assets	$	67,820	91,565

The following table sets forth information regarding the Company’s 60-89 day delinquent loans as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021		December 31, 2020
Mortgage loans:
Residential	$	2,177	8,852
Commercial	—		113
Multi-family	—		585
Construction	—		—
Total mortgage loans	2,177		9,550
Commercial loans	1,028		1,179
Consumer loans	—		4,519
Total 60-89 day delinquent loans	$	3,205	15,248

At September 30, 2021, the Company’s allowance for credit losses related to the loan portfolio was 0.84% of total loans, compared to 0.85% and 1.03% at June 30, 2021 and December 31, 2020, respectively. The Company recorded a provision for credit losses on loans of $1.0 million for the three months ended September 30, 2021 and a negative provision for credit losses on loans of $24.7 million for the nine months ended September 30, 2021, compared with provisions of $6.4 million and $32.0 million for the three and nine months ended September 30, 2020, respectively. For the three and nine months ended September 30, 2021, the Company had net charge-offs of $1.9 million and net recoveries of $3.3 million, respectively, compared to net recoveries of $58,000 and net charge-offs of $2.7 million, respectively, for the same periods in 2020. The allowance for credit losses decreased $21.4 million to $80.0 million at September 30, 2021 from $101.5 million at December 31, 2020. The reduction in provision for credit losses for three and nine months ended September 30, 2021, compared to the same period in the prior year, was primarily the result of an improved economic forecast and the resultant favorable impact on expected credit losses, compared to the prior year where the provision for credit losses was based upon a weak economic forecast and a more uncertain outlook attributable to the COVID-19 pandemic. The net recoveries realized for the nine months ended September 30, 2021 were largely related to a previously charged-off loan which further contributed to the negative provision for credit losses in the period.

Total non-performing loans were $66.2 million, or 0.69% of total loans at September 30, 2021, compared to $87.1 million, or 0.89% of total loans at December 31, 2020. The $20.9 million decrease in non-performing loans consisted of a $20.7 million decrease in non-performing commercial loans, a $2.1 million decrease in non-performing residential mortgage loans and an $804,000 decrease in non-performing consumer loans, partially offset by a $1.6 million increase in non-performing construction loans and a $637,000 increase in non-performing commercial mortgage loans.

At September 30, 2021 and December 31, 2020, the Company held foreclosed assets of $1.6 million and $4.5 million, respectively. During the nine months ended September 30, 2021, there were three additions to foreclosed assets with an aggregate carrying value of $513,000, nine properties sold with an aggregate carrying value of $2.3 million and valuation charges of $1.1 million. Foreclosed assets at September 30, 2021 consisted primarily of commercial real estate. Total non-performing assets at September 30, 2021 decreased $23.7 million to $67.8 million, or 0.51% of total assets, from $91.6 million, or 0.71% of total assets at December 31, 2020.

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Cash and cash equivalents were $505.3 million at September 30, 2021, a $27.1 million decrease from December 31, 2020, primarily as a result of decreases in cash collateral pledged to counterparties to secure loan-level swaps, partially offset by an increase in short term investments.

Total investments were $2.38 billion at September 30, 2021, a $763.9 million increase from December 31, 2020. This increase was primarily due to purchases of mortgage-backed and municipal securities driven by net inflow of deposits and loan repayments, portions of which were attributable to proceeds from PPP loan forgiveness and government stimulus programs. These purchases were partially offset by repayments of mortgage-backed securities, maturities and calls of certain municipal and agency bonds and a decrease in unrealized gains on available for sale debt securities.

Total deposits increased $998.8 million during the nine months ended September 30, 2021, to $10.84 billion. Total savings and demand deposit accounts increased $1.31 billion to $10.06 billion at September 30, 2021, while total time deposits decreased $313.7 million to $780.5 million at September 30, 2021. The increase in savings and demand deposits was largely attributable to a $750.2 million increase in interest bearing demand deposits, as the Company shifted $450.0 million from Federal Home Loan Bank of New York ("FHLB") borrowings into lower-costing brokered demand deposits, a $265.5 million increase in non-interest bearing demand deposits, which partially benefited from deposits retained from activity associated with PPP loans and stimulus funding, a $216.3 million increase in money market deposits and an $80.5 million increase in savings deposits. The decrease in time deposits was primarily due to the outflow of brokered time deposits, combined with additional maturities of longer-term retail time deposits.

Borrowed funds decreased $558.6 million during the nine months ended September 30, 2021, to $617.4 million. The decrease in borrowings for the period was largely due to the maturity and replacement of FHLB borrowings with lower-costing brokered deposits and the net inflow of retail deposits. Borrowed funds represented 4.6% of total assets at September 30, 2021, a decrease from 9.1% at December 31, 2020.

Stockholders’ equity increased $59.6 million during the nine months ended September 30, 2021, to $1.68 billion, primarily due to net income earned for the period, partially offset by dividends paid to stockholders, common stock repurchases and a decrease in unrealized gains on available for sale debt securities. For the three months ended September 30, 2021, common stock repurchases totaled 628,589 shares at an average cost of $22.04 per share. For the nine months ended September 30, 2021, common stock repurchases totaled 675,380 shares at an average cost of $22.00 per share, of which 44,078 shares, at an average cost of $21.81 per share, were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. At September 30, 2021, approximately 3.4 million shares remained eligible for repurchase under the current stock repurchase authorization.

Liquidity and Capital Resources. Liquidity refers to the Company’s ability to generate adequate amounts of cash to meet financial obligations to its depositors, to fund loans and securities purchases, deposit outflows and operating expenses. Sources of funds include scheduled amortization of loans, loan prepayments, scheduled maturities of investments, cash flows from mortgage-backed securities and the ability to borrow funds from the FHLBNY and approved broker-dealers.

Cash flows from loan payments and maturing investment securities are fairly predictable sources of funds. Changes in interest rates, local economic conditions, COVID-19 and related government response and the competitive marketplace can influence loan prepayments, prepayments on mortgage-backed securities and deposit flows.

In response to COVID-19, the Company has escalated the monitoring of deposit behavior, utilization of credit lines, and borrowing capacity with the FHLBNY and Federal Reserve Bank of New York ("FRBNY"), and is enhancing its collateral position with these funding sources.

The Federal Deposit Insurance Corporation ("FDIC") and the other federal bank regulatory agencies issued a final rule that revised the leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act, that were effective January 1, 2015. Among other things, the rule established a new common equity Tier 1 minimum capital requirement (4.5% of risk-weighted assets), adopted a uniform minimum leverage capital ratio at 4%, increased the minimum Tier 1 capital to risk-based assets requirement (from 4% to 6% of risk-weighted assets) and assigned a higher risk weight (150%) to exposures that are more than 90 days past due or are on non-accrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The rule also required unrealized gains and losses on certain “available-for-sale” securities holdings to be included for purposes of calculating regulatory capital unless a one-time opt-out was exercised. The Company exercised the option to exclude unrealized gains and losses from the calculation of regulatory capital. Additional constraints were also imposed on the inclusion in regulatory capital of mortgage-servicing assets, deferred tax assets and minority interests. The rule limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer,” of 2.5% in addition to the amount necessary to meet its minimum risk-based capital requirements.

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In the first quarter of 2020, U.S. federal regulatory authorities issued an interim final rule providing banking institutions that adopt CECL during the 2020 calendar year with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during the initial two-year delay (i.e., a five year transition in total). In connection with its adoption of CECL on January 1, 2020, the Company elected to utilize the five-year CECL transition.

At September 30, 2021, the Bank and the Company exceeded all current minimum regulatory capital requirements as follows:

	September 30, 2021
	Required				Required with Capital Conservation Buffer				Actual
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in thousands)
Bank:(1)
Tier 1 leverage capital	$	516,612	4.00	%	$	516,612	4.00	%	$	1,161,620	8.99	%
Common equity Tier 1 risk-based capital	480,225		4.50		747,017		7.00		1,161,620		10.89
Tier 1 risk-based capital	640,301		6.00		907,092		8.50		1,161,620		10.89
Total risk-based capital	853,734		8.00		1,120,526		10.50		1,232,679		11.55
Company:
Tier 1 leverage capital	$	516,776	4.00	%	$	516,776	4.00	%	$	1,233,402	9.55	%
Common equity Tier 1 risk-based capital	480,462		4.50		747,386		7.00		1,220,515		11.43
Tier 1 risk-based capital	640,617		6.00		907,540		8.50		1,233,402		11.55
Total risk-based capital	854,156		8.00		1,121,079		10.50		1,316,823		12.33

(1) Under the FDIC's prompt corrective action provisions, the Bank is considered well capitalized if it has: a leverage (Tier 1) capital ratio of at least 5.00%; a common equity Tier 1 risk-based capital ratio of 6.50%; a Tier 1 risk-based capital ratio of at least 8.00%; and a total risk-based capital ratio of at least 10.00%.

COMPARISON OF OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

General. The Company reported net income of $37.3 million, or $0.49 per basic and diluted share for the three months ended September 30, 2021, compared to net income of $27.1 million, or $0.37 per basic and diluted share for the three months ended September 30, 2020. For the nine months ended September 30, 2021, the Company reported net income of $130.6 million, or $1.71 per basic share and $1.70 per diluted share, compared to net income of $56.4 million, or $0.84 per basic and diluted share, for the same period last year.

Earnings for the three and nine months ended September 30, 2021 were aided by improved economic conditions and resulting lower credit loss allowance requirements, combined with growth in average interest earning assets including assets acquired in the July 31, 2020 merger with SB One Bancorp ("SB One") and the investment of increased deposits. For the three months ended September 30, 2021, the Company recorded a provision for credit losses on loans of $1.0 million, while for the nine months ended September 30, 2021, the Company recorded a negative provision for credit losses on loans of $24.7 million, compared with provisions of $6.4 million and $32.0 million for the respective 2020 periods.

Net Interest Income. Total net interest income increased $9.2 million to $91.2 million for the quarter ended September 30, 2021, from $82.0 million for the quarter ended September 30, 2020. For the nine months ended September 30, 2021, total net interest income increased $48.3 million to $272.1 million, from $223.8 million for the same period in 2020. Interest income for the quarter ended September 30, 2021 increased $6.1 million to $99.6 million, from $93.5 million for the same period in 2020. For the nine months ended September 30, 2021, interest income increased $37.5 million to $300.7 million, from $263.2 million for the nine months ended September 30, 2020. Interest expense decreased $3.1 million to $8.4 million for the quarter ended September 30, 2021, from $11.5 million for the quarter ended September 30, 2020. For the nine months ended September 30, 2021, interest expense decreased $10.8 million to $28.5 million, from $39.3 million for the nine months ended September 30, 2020. The increase in net interest income for both comparative periods was largely attributable to growth in average earning assets resulting from the net assets acquired from SB One, PPP loan originations and growth in the available for sale debt securities portfolio. Both periods were aided by the inflow of lower-costing core deposits, along with an increase in the accelerated recognition of fees related to the forgiveness of PPP loans in 2021. For the three and nine months ended September 30, 2021, the accelerated accretion of fees related to the forgiveness of PPP loans totaled $2.5 million and $9.3 million,

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respectively, which were recognized in interest income, compared to $1.4 million and $2.4 million for the three and nine months ended September 30, 2020.

The net interest margin decreased three basis points to 2.94% for the quarter ended September 30, 2021, compared to 2.97% for the quarter ended September 30, 2020. The weighted average yield on interest-earning assets decreased 18 basis points to 3.21% for the quarter ended September 30, 2021, compared to 3.39% for the quarter ended September 30, 2020, while the weighted average cost of interest bearing liabilities decreased 20 basis points for the quarter ended September 30, 2021 to 0.37%, compared to the third quarter of 2020. The average cost of interest bearing deposits for the quarter ended September 30, 2021 was 0.30%, compared to 0.44% for the same period last year. Average non-interest bearing demand deposits totaled $2.55 billion for the quarter ended September 30, 2021, compared to $2.21 billion for the quarter ended September 30, 2020. The average cost of all deposits, including non-interest bearing deposits, was 0.23% for the quarter ended September 30, 2021, compared with 0.33% for the quarter ended September 30, 2020. The average cost of borrowed funds for the quarter ended September 30, 2021 was 1.08%, compared to 1.19% for the same period last year.

For the nine months ended September 30, 2021, the net interest margin decreased four basis points to 2.99%, compared to 3.03% for the nine months ended September 30, 2020. The weighted average yield on interest earning assets declined 25 basis points to 3.31% for the nine months ended September 30, 2021, compared to 3.56% for the nine months ended September 30, 2020, while the weighted average cost of interest bearing liabilities decreased 29 basis points to 0.43% for the nine months ended September 30, 2021, compared to 0.72% for the same period last year. The average cost of interest bearing deposits decreased 24 basis points to 0.34% for the nine months ended September 30, 2021, compared to 0.58% for the same period last year. Average non-interest bearing demand deposits totaled $2.47 billion for the nine months ended September 30, 2021, compared with $1.85 billion for the nine months ended September 30, 2020. The average cost of all deposits, including non-interest bearing deposits, was 0.26% for the nine months ended September 30, 2021, compared with 0.44% for the nine months ended September 30, 2020. The average cost of borrowings for the nine months ended September 30, 2021 was 1.13%, compared to 1.42% for the same period last year.

Interest income on loans secured by real estate increased $3.6 million to $62.5 million for the three months ended September 30, 2021, from $58.9 million for the three months ended September 30, 2020. Commercial loan interest income increased $3.8 million to $24.5 million for the three months ended September 30, 2021, from $20.6 million for the three months ended September 30, 2020. Consumer loan interest income decreased $960,000 to $3.3 million for the three months ended September 30, 2021, from $4.3 million for the three months ended September 30, 2020. For the three months ended September 30, 2021, the average balance of total loans increased $507.1 million to $9.44 billion, compared to the same period in 2020, largely due to total loans acquired from the July 31, 2020 merger with SB One. The average yield on total loans for the three months ended September 30, 2021, increased six basis points to 3.77%, from 3.71% for the same period in 2020.

Interest income on loans secured by real estate increased $24.7 million to $187.4 million for the nine months ended September 30, 2021, from $162.6 million for the nine months ended September 30, 2020. Commercial loan interest income increased $17.5 million to $75.8 million for the nine months ended September 30, 2021, from $58.2 million for the nine months ended September 30, 2020. Consumer loan interest income decreased $1.8 million to $10.2 million for the nine months ended September 30, 2021, from $12.0 million for the nine months ended September 30, 2020. For the nine months ended September 30, 2021, the average balance of total loans increased $1.65 billion to $9.58 billion, from $7.93 billion for the same period in 2020, primarily due to total loans acquired from the July 31, 2020 merger with SB One, and organic growth, including PPP loans. The average yield on total loans for the nine months ended September 30, 2021, decreased 10 basis points to 3.78%, from 3.88% for the same period in 2020.

Interest income on held to maturity debt securities decreased $198,000 to $2.6 million for the quarter ended September 30, 2021, compared to the same period last year. Average held to maturity debt securities decreased $11.8 million to $432.5 million for the quarter ended September 30, 2021, from $444.2 million for the same period last year. Interest income on held to maturity debt securities decreased $539,000 to $8.1 million for the nine months ended September 30, 2021, compared to the same period in 2020. Average held to maturity debt securities decreased $5.6 million to $440.3 million for the nine months ended September 30, 2021, from $445.9 million for the same period last year.

Interest income on available for sale debt securities and FHLBNY stock decreased $444,000 to $5.9 million for the quarter ended September 30, 2021, from $6.3 million for the quarter ended September 30, 2020. The average balance of available for sale debt securities and FHLBNY stock increased $519.5 million to $1.68 billion for the three months ended September 30, 2021, compared to the same period in 2020. Interest income on available for sale debt securities and FHLBNY stock decreased $2.5 million to $17.2 million for the nine months ended September 30, 2021, from $19.7 million for the same period last year. The average balance of available for sale debt securities and FHLBNY stock increased $355.0 million to $1.44 billion for the nine months ended September 30, 2021.

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The average yield on total securities decreased to 1.32% for the three months ended September 30, 2021, compared with 2.12% for the same period in 2020. For the nine months ended September 30, 2021, the average yield on total securities decreased to 1.47%, compared with 2.31% for the same period in 2020.

Interest expense on deposit accounts decreased $1.1 million to $6.3 million for the quarter ended September 30, 2021, compared with $7.4 million for the quarter ended September 30, 2020. For the nine months ended September 30, 2021, interest expense on deposit accounts decreased $5.5 million to $20.5 million, from $26.0 million for the same period last year. The average cost of interest bearing deposits decreased to 0.30% for the third quarter of 2021 and 0.34% for the nine months ended September 30, 2021, from 0.44% and 0.58% for the three and nine months ended September 30, 2020, respectively. The average balance of interest bearing core deposits for the quarter ended September 30, 2021 increased $1.63 billion to $7.41 billion. For the nine months ended September 30, 2021, average interest bearing core deposits increased $1.81 billion, to $7.06 billion, from $5.25 billion for the same period in 2020. The increase in average core deposits for both the three and nine months ended September 30, 2021 was largely due to deposits acquired from SB One, combined with organic growth, activity associated with PPP loans and government stimulus. Average time deposit account balances decreased $152.6 million, to $804.9 million for the quarter ended September 30, 2021, from $957.5 million for the quarter ended September 30, 2020. For the nine months ended September 30, 2021, average time deposit account balances increased $135.5 million, to $914.3 million, from $778.8 million for the same period in 2020.

Interest expense on borrowed funds decreased $2.1 million to $1.8 million for the quarter ended September 30, 2021, from $3.9 million for the quarter ended September 30, 2020. For the nine months ended September 30, 2021, interest expense on borrowed funds decreased $6.0 million to $7.1 million, from $13.1 million for the nine months ended September 30, 2020. The average cost of borrowings decreased to 1.08% for the three months ended September 30, 2021, from 1.19% for the three months ended September 30, 2020. The average cost of borrowings decreased to 1.13% for the nine months ended September 30, 2021, from 1.42% for the same period last year. Average borrowings decreased $640.2 million to $652.4 million for the quarter ended September 30, 2021, from $1.29 billion for the quarter ended September 30, 2020. For the nine months ended September 30, 2021, average borrowings decreased $389.3 million to $844.2 million, compared to $1.23 billion for the nine months ended September 30, 2020.

Provision for Credit Losses. Provisions for credit losses are charged to operations in order to maintain the allowance for credit losses at a level management considers necessary to absorb projected credit losses that may arise over the expected term of each loan in the portfolio. In determining the level of the allowance for credit losses, management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. The amount of the allowance is based on estimates, and the ultimate losses may vary from such estimates as more information becomes available or later events change. Management assesses the adequacy of the allowance for credit losses on a quarterly basis and makes provisions for credit losses, if necessary, in order to maintain the valuation of the allowance.

The Company recorded a $1.0 million provision for credit losses on loans for the three months ended September 30, 2021 and a $24.7 million negative provision for credit losses for the nine months ended September 30, 2021, compared with provisions of $6.4 million and $32.0 million for the three and nine months ended September 30, 2020, respectively. The reduction in provision for credit losses for three and nine months ended September 30, 2021, compared to the same period in the prior year, was primarily the result of improved asset quality, an improved economic forecast and the resultant favorable impact on expected credit losses, compared to the prior year where the provision for credit losses was based upon a weak economic forecast and a more uncertain outlook attributable to the COVID-19 pandemic. The net recoveries realized for the nine months ended September 30, 2021 further contributed to the negative provision for credit losses in the period.

Non-Interest Income. Non-interest income totaled $23.4 million for the quarter ended September 30, 2021, an increase of $2.7 million, compared to the same period in 2020. Fee income increased $1.2 million to $7.0 million for the three months ended September 30, 2021, compared to the same period in 2020, largely due to a $1.2 million increase in commercial loan prepayment fees, a $455,000 increase in deposit related fees and a $226,000 increase in non-deposit investment fee income, partially offset by a $773,000 decrease in debit card revenue. The increases in fee income are partially attributable to the addition of the SB One customer base, as well as a recovering economy compared to the initial severely negative impact COVID-19 had on consumer and business activity in the prior year. The decrease in debit card revenue was largely attributable to the impact of the Durbin amendment cap on the fee the Company receives on interchange transactions which first applied to the Company on July 1, 2021. Wealth management income increased $1.1 million to $7.9 million for the three months ended September 30, 2021, compared to the same period in 2020, primarily due to an increase in the market value of assets under management as a result of strong equity market performance and new business generation. Insurance agency income, a new revenue opportunity for the Company resulting from the SB One acquisition, increased $722,000 to $2.4 million for the three months ended September 30, 2021, compared to the same period in 2020, primarily due to a full quarter of revenue in the

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current period, compared to two months in 2020. Additionally, income from Bank-owned life insurance ("BOLI") increased $236,000 to $1.9 million for the three months ended September 30, 2021, compared to the same period in 2020, primarily due to an increase in benefit claims, partially offset by lower equity valuations. Partially offsetting these increases in non-interest income, other income decreased $550,000 to $4.1 million for the three months ended September 30, 2021, compared to the quarter ended September 30, 2020, primarily due to a $3.7 million decrease in net fees on loan-level interest rate swap transactions and a $142,000 decrease in gains on the sale of loans, partially offset by income recognized from a $3.4 million reduction in the contingent consideration related to the earn-out provisions of the 2019 purchase of Tirschwell & Loewy, Inc. ("T&L").

For the nine months ended September 30, 2021, non-interest income totaled $66.2 million, an increase of $14.2 million, compared to the same period in 2020. Insurance agency income totaled $8.0 million, an increase of $6.3 million for the nine months ended September 30, 2021, compared to the same period in 2020, resulting from the prior year acquisition of SB One. Fee income increased $5.4 million to $22.6 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to a $2.7 million increase in commercial loan prepayment fees, a $740,000 increase in late charges and other loan related fee income, a $569,000 increase in debit card revenue, which was curtailed by the Durbin amendment, a $572,000 increase in non-deposit investment fee income and a $396,000 increase in deposit related fees. The increases in fee income are partially attributable to the addition of the SB One customer base, as well as a recovering economy compared to the initial severely negative effects that COVID-19 had on consumer and business activities in the prior year. Wealth management income increased $3.8 million to $22.9 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to an increase in the market value of assets under management as a result of strong equity market performance and new business generation. In addition, BOLI income increased $1.7 million to $6.0 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to an increase in benefit claims, additional income related to the BOLI assets acquired from SB One and higher equity valuations. Partially offsetting these increases, other income decreased $3.3 million to $6.4 million for the nine months ended September 30, 2021, compared to $9.7 million for the same period in 2020, mainly due to a $6.5 million decrease in net fees on loan-level interest rate swap transactions, partially offset by income recognized from a $3.4 million reduction in the contingent consideration related to the earn-out provisions of the 2019 purchase of T&L.

Non-Interest Expense. For the three months ended September 30, 2021, non-interest expense totaled $63.4 million, an increase of $3.7 million, compared to the three months ended September 30, 2020. Compensation and benefits expense increased $1.9 million to $37.6 million for three months ended September 30, 2021, compared to $35.7 million for the same period in 2020. The increase was principally due to increases in the accrual for incentive compensation and stock-based compensation, partially offset by a decline in salary expense. Credit loss expense for off-balance sheet credit exposures increased $1.6 million to $980,000 for the three months ended September 30, 2020, compared to a negative provision of $575,000 for the same period in 2020. The increase was primarily the result of an increase in the pipeline of loans approved and awaiting closing. Net occupancy expenses increased $957,000 to $8.0 million for the three months ended September 30, 2021, compared to the same period in 2020, largely due to increases in rent, depreciation, utilities and maintenance expenses, which was largely due to an additional month of operating expenses in the current quarter associated with facilities acquired from SB One. FDIC insurance increased $390,000 due to an increase in the insurance assessment rate and an increase in total assets subject to assessment. Partially offsetting these increases in non-interest expense, other operating expenses decreased $875,000 to $8.9 million for the three months ended September 30, 2021, compared to the same period in 2020, principally due to non-recurring merger related expenses incurred in the prior year quarter, partially offset by an increase in business development expenses. Data processing expense decreased $199,000 to $4.8 million for the three months ended September 30, 2021, compared with the same period in 2020, primarily due to a decrease in core system processing costs, partially offset by an increase in software subscription service expense.

Non-interest expense totaled $188.0 million for the nine months ended September 30, 2021, an increase of $18.8 million, compared to $169.2 million for the nine months ended September 30, 2020. Compensation and benefits expense increased $11.6 million to $107.7 million for the nine months ended September 30, 2021, compared to $96.1 million for the nine months ended September 30, 2020, primarily due to increases in salary expense and employee medical benefits associated with the addition of former SB One employees, combined with an increase in the accrual for incentive compensation, company-wide annual merit increases and an increase in stock-based compensation, partially offset by a decrease in severance expense. Net occupancy expense increased $5.8 million to $25.2 million for the nine months ended September 30, 2021, compared to the same period in 2020, mainly due to increases in rent, depreciation, utilities and maintenance expenses related to the facilities acquired from SB One, along with an increase in snow removal costs incurred earlier in the year. FDIC insurance increased $3.0 million for the nine months ended September 30, 2021, primarily due to an increase in the insurance assessment rate and an increase in total assets subject to assessment, including assets acquired from SB One, along with the receipt of the small bank assessment credit in the prior year that was not available in 2021. Other operating expenses increased $1.6 million to $28.0 million for the nine months ended September 30, 2021, compared to the same period in 2020. The increase in other

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operating expense was largely due to a valuation adjustment on foreclosed assets and increases in debit card maintenance, insurance and business development expenses, as a result of the addition of SB One, partially offset by non-recurring merger related expenses incurred in the prior year. In addition, amortization of intangibles increased $400,000 as a result of increased amortization related to the acquisition of SB One. Partially offsetting these increases, credit loss expense for off-balance sheet credit exposures decreased $3.6 million to $2.2 million for the nine months ended September 30, 2021. The decrease was primarily a function of an improved economic forecast resulting in a decline in projected loss factors, partially offset by an increase in the pipeline of loans approved and awaiting closing.

Income Tax Expense. For the three months ended September 30, 2021, the Company’s income tax expense was $12.9 million with an effective tax rate of 25.7%, compared with income tax expense of $9.3 million with an effective tax rate of 25.5% for the three months ended September 30, 2020. The increases in tax expense and the effective tax rate for the three months ended September 30, 2021, compared with the same period last year were largely the result of an increase in taxable income and the proportion of income derived from taxable sources.

For the nine months ended September 30, 2021, the Company's income tax expense was $44.4 million with an effective tax rate of 25.4%, compared with $18.3 million with an effective tax rate of 24.5% for the nine months ended September 30, 2020. The increases in tax expense and the effective tax rate for the nine months ended September 30, 2021, compared with the same period last year were largely the result of an increase in taxable income and the proportion of income derived from taxable sources.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Qualitative Analysis. Interest rate risk is the exposure of a bank’s current and future earnings and capital arising from adverse movements in interest rates. The guidelines of the Company’s interest rate risk policy seek to limit the exposure to changes in interest rates that affect the underlying economic value of assets and liabilities, earnings and capital. To minimize interest rate risk, the Company generally sells all 20- and 30-year fixed-rate residential mortgage loans at origination. The Company retains residential fixed rate mortgages with terms of 15 years or less and biweekly payment residential mortgages with a term of 30 years or less. Commercial real estate loans generally have interest rates that reset in five years, and other commercial loans such as construction loans and commercial lines of credit reset with changes in the Prime rate, the Federal Funds rate or LIBOR. Investment securities purchases generally have maturities of five years or less, and mortgage-backed securities have weighted average lives between three and five years.

The Asset/Liability Committee meets at least monthly, or as needed, to review the impact of interest rate changes on net interest income, net interest margin, net income and the economic value of equity. The Asset/Liability Committee reviews a variety of strategies that project changes in asset or liability mix and the impact of those changes on projected net interest income and net income.

The Company’s strategy for liabilities has been to maintain a stable core-funding base by focusing on core deposit account acquisition and increasing products and services per household. The Company’s ability to retain maturing time deposit accounts is the result of its strategy to remain competitively priced within its marketplace. The Company’s pricing strategy may vary depending upon current funding needs and the ability of the Company to fund operations through alternative sources, primarily by accessing short-term lines of credit with the FHLBNY during periods of pricing dislocation.

Quantitative Analysis. Current and future sensitivity to changes in interest rates are measured through the use of balance sheet and income simulation models. The analysis captures changes in net interest income using flat rates as a base, a most likely rate forecast and rising and declining interest rate forecasts. Changes in net interest income and net income for the forecast period, generally twelve to twenty-four months, are measured and compared to policy limits for acceptable change. The Company periodically reviews historical deposit re-pricing activity and makes modifications to certain assumptions used in its income simulation model regarding the interest rate sensitivity of deposits without maturity dates. These modifications are made to more closely reflect the most likely results under the various interest rate change scenarios. Since it is inherently difficult to predict the sensitivity of interest bearing deposits to changes in interest rates, the changes in net interest income due to changes in interest rates cannot be precisely predicted. There are a variety of reasons that may cause actual results to vary considerably from the predictions presented below which include, but are not limited to, the timing, magnitude, and frequency of changes in interest rates, interest rate spreads, prepayments, and actions taken in response to such changes.

Specific assumptions used in the simulation model include:

•Parallel yield curve shifts for market rates;

•Current asset and liability spreads to market interest rates are fixed;

•Traditional savings and interest-bearing demand accounts move at 10% of the rate ramp in either direction;

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•Retail Money Market and Business Money Market accounts move at 25% and 75% of the rate ramp in either direction respectively, subject to certain interest rate floors; and

•Higher-balance demand deposit tiers and promotional demand accounts move at 50% to 75% of the rate ramp in either direction, subject to certain interest rate floors.

The following table sets forth the results of a twelve-month net interest income projection model as of September 30, 2021 (dollars in thousands):

Change in interest rates (basis points) - Rate Ramp	Net Interest Income
	Dollar Amount		Dollar Change		Percent Change
-100	$	344,168	$	(12,767)	(3.6)	%
Static	356,935		—		—
+100	356,975		40		—
+200	356,927		(8)		—
+300	356,789		(146)		—

The interest rate risk position of the Company has shifted to a more neutral position during the third quarter 2021 due to the deployment of excess cash into fixed rate, longer duration assets including investment securities and loans. As a result, the preceding table indicates that, as of September 30, 2021, in the event of a 300 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, there would be a minimal change to net interest income. In the event of a 100 basis point decrease in interest rates, whereby rates ramp downward evenly over a twelve-month period, net interest income would decrease 3.6%, or $12.8 million over the same period. In this downward rate scenario, rates on deposits have a repricing floor of zero.

Another measure of interest rate sensitivity is to model changes in economic value of equity through the use of immediate and sustained interest rate shocks. The following table illustrates the result of the economic value of equity model as of September 30, 2021 (dollars in thousands):

	Present Value of Equity						Present Value of Equity as Percent of Present Value of Assets
Change in interest rates (basis points)	Dollar Amount		Dollar Change		Percent Change		Present Value  Ratio		Percent Change
-100	$	1,539,803	$	(229,460)	(13.0)	%	11.1	%	(15.0)	%
Flat	1,769,263		—		—		13.1		—
+100	1,795,650		26,387		1.5		13.6		4.0
+200	1,805,936		36,673		2.1		14.0		7.1
+300	1,812,424		43,161		2.4		14.4		10.0

The preceding table indicates that as of September 30, 2021, in the event of an immediate and sustained 300 basis point increase in interest rates, the present value of equity is projected to increase 2.4%, or $43.2 million. If rates were to decrease 100 basis points, the present value of equity would decrease 13.0%, or $229.5 million.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes in net interest income requires the use of certain assumptions regarding prepayment and deposit decay rates, which may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. While management believes such assumptions are reasonable, there can be no assurance that assumed prepayment rates and decay rates will approximate actual future loan prepayment and deposit withdrawal activity. Moreover, the net interest income table presented assumes that the composition of interest sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and also assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or repricing of specific assets and liabilities. Accordingly, although the net interest income table provides an indication of the Company’s interest rate risk exposure at a particular point in time, such measurement is not intended to and does not provide a precise forecast of the effect of changes in market interest rates on the Company’s net interest income and will differ from actual results.

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Item 4. CONTROLS AND PROCEDURES.

Under the supervision and with the participation of management, including the Principal Executive Officer and the Principal Financial Officer, the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934) were evaluated at the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and the Principal Financial Officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are effective. The Company’s internal control over financial reporting was modified due to the January 1, 2020 adoption of CECL and controls related to SB One.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

The Company is involved in various legal actions and claims arising in the normal course of business. In the opinion of management, these legal actions and claims are not expected to have a material adverse impact on the Company’s financial condition.

Item 1A. Risk Factors

There were no changes to the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

ISSUER PURCHASES OF EQUITY SECURITIES

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	(d) Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (1)
July 1, 2021 through July 31, 2021	—	$	—	—	4,069,695
August 1, 2021 through August 31, 2021	—	—		—	4,069,695
September 1, 2021 through September 30, 2021	628,589	22.04		628,589	3,441,106
Total	628,589	22.04		628,589

(1) On December 28, 2020, the Company’s Board of Directors approved the purchase of up to 3,900,000 shares of its common stock under a ninth general repurchase program to commence upon completion of the eighth repurchase program. The repurchase program has no expiration date.

Item 3. Defaults Upon Senior Securities.

Not Applicable 

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information.

None

Item 6. Exhibits.

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The following exhibits are filed herewith:

2.1	Agreement and Plan of Merger, dated March 11, 2020, by and between Provident Financial Services, Inc. and SB One Bancorp. (Filed as an exhibit to the Company's Current Report on Form 8-K on March 12, 2020 with the Securities and Exchange Commission/Registration No. 001-31566.
3.1	Certificate of Incorporation of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.)
3.2	Amended and Restated Bylaws of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s December 31, 2011 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2012/File No. 001-31566.)
4.1	Form of Common Stock Certificate of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.)
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended September 30, 2021, formatted in iXBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.

101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, has been formatted in iXBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		PROVIDENT FINANCIAL SERVICES, INC.
Date:	November 9, 2021	By:	/s/ Christopher Martin
			Christopher Martin
			Chairman and Chief Executive Officer (Principal Executive Officer)
Date:	November 9, 2021	By:	/s/ Thomas M. Lyons
			Thomas M. Lyons
			Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	November 9, 2021	By:	/s/ Frank S. Muzio
			Frank S. Muzio
			Executive Vice President and Chief Accounting Officer

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EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Christopher Martin, certify that:

1 I have reviewed this report on Form 10-Q of Provident Financial Services, Inc;

2 Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3 Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4 The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5 The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 9, 2021	/s/ Christopher Martin
		Christopher Martin
		Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Thomas M. Lyons, certify that:

1 I have reviewed this report on Form 10-Q of Provident Financial Services, Inc;

2 Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3 Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4 The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5 The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 9, 2021	/s/ Thomas M. Lyons
		Thomas M. Lyons
		Senior Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Christopher Martin, Chairman, President and Chief Executive Officer, and Thomas M. Lyons, Executive Vice President and Chief Financial Officer of Provident Financial Services, Inc. (the “Company”), each certify in his capacity as an officer of the Company that he has reviewed the quarterly report of the Company on Form 10-Q for the quarter ended September 30, 2021 and that to the best of his knowledge:

(1) the report fully complies with the requirements of Sections 13(a) of the Securities Exchange Act of 1934; and

(2) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations.

The purpose of this statement is solely to comply with Title 18, Chapter 63, Section 1350 of the United States Code, as amended by Section 906 of the Sarbanes-Oxley Act of 2002.

Date:	November 9, 2021	/s/ Christopher Martin
		Christopher Martin
		Chairman and Chief Executive Officer
Date:	November 9, 2021	/s/ Thomas M. Lyons
		Thomas M. Lyons
		Senior Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-31566
Entity Registrant Name	PROVIDENT FINANCIAL SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1547151
Entity Address, Address Line One	239 Washington Street
Entity Address, City or Town	Jersey City
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07302
City Area Code	732
Local Phone Number	590-9200
Title of 12(b) Security	Common
Trading Symbol	PFS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,374,681
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001178970
Current Fiscal Year End Date	--12-31

XML

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 296,495	$ 404,355
Short-term investments	208,794	127,998
Total cash and cash equivalents	505,289	532,353
Available for sale debt securities, at fair value	1,918,473	1,105,489
Held to maturity debt securities, net (fair value of $441,888 at September 30, 2021 (unaudited) and $472,529 at December 31, 2020)	427,039	450,965
Equity securities, at fair value	1,267	971
Federal Home Loan Bank stock	34,044	59,489
Total gross loans	9,554,600	9,822,890
Less allowance for credit losses	80,033	101,466
Net loans	9,474,567	9,721,424
Foreclosed assets, net	1,619	4,475
Banking premises and equipment, net	78,329	75,946
Accrued interest receivable	40,866	46,450
Intangible assets	465,061	466,212
Bank-owned life insurance	237,042	234,607
Other assets	208,347	221,360
Total assets	13,391,943	12,919,741
Deposits:
Demand deposits	8,627,487	7,395,508
Savings deposits	1,428,630	1,348,147
Certificates of deposit of $100,000 or more	345,742	717,216
Other time deposits	434,762	376,958
Total deposits	10,836,621	9,837,829
Mortgage escrow deposits	37,564	34,298
Borrowed funds	617,375	1,175,972
Subordinated debentures	25,249	25,135
Other liabilities	195,710	226,710
Total liabilities	11,712,519	11,299,944
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,012 shares issued and 77,226,485 shares outstanding at September 30, 2021 and 77,611,107 outstanding at December 31, 2020	832	832
Additional paid-in capital	967,203	962,453
Retained earnings	794,713	718,090
Accumulated other comprehensive income	7,757	17,655
Treasury stock	(73,172)	(59,018)
Unallocated common stock held by the Employee Stock Ownership Plan	(17,909)	(20,215)
Common stock acquired by the Directors' Deferred Fee Plan ("DDFP")	(4,124)	(4,549)
Deferred Compensation - Directors' Deferred Fee Plan	4,124	4,549
Total stockholders’ equity	1,679,424	1,619,797
Total liabilities and stockholders’ equity	$ 13,391,943	$ 12,919,741

XML

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Held-to-maturity, debt securities	$ 441,888	$ 472,529
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	83,209,012	83,209,012
Common stock, shares outstanding (in shares)	77,226,485	77,611,107

XML

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Real estate secured loans	$ 62,470	$ 58,897	$ 187,363	$ 162,635
Commercial loans	24,454	20,622	75,770	58,238
Consumer loans	3,345	4,305	10,249	12,024
Available for sale debt securities, equity securities and Federal Home Loan Bank stock	5,877	6,321	17,211	19,669
Held to maturity debt securities	2,638	2,836	8,122	8,661
Deposits, Federal funds sold and other short-term investments	810	472	1,954	1,932
Total interest income	99,594	93,453	300,669	263,159
Interest expense:
Deposits	6,295	7,400	20,495	26,000
Borrowed funds	1,768	3,862	7,130	13,120
Subordinated debt	303	206	912	206
Total interest expense	8,366	11,468	28,537	39,326
Net interest income	91,228	81,985	272,132	223,833
Provision for credit losses	969	6,400	(24,736)	32,017
Net interest income after provision for credit losses	90,259	75,585	296,868	191,816
Non-interest income:
Fees	6,963	5,736	22,623	17,179
Wealth management income	7,921	6,847	22,914	19,075
Insurance agency income	2,433	1,711	8,009	1,711
Bank-owned life insurance	1,880	1,644	5,970	4,290
Net gains on securities transactions	27	0	257	55
Other income	4,138	4,688	6,383	9,672
Total non-interest income	23,362	20,626	66,156	51,982
Non-interest expense:
Compensation and employee benefits	37,554	35,700	107,737	96,095
Net occupancy expense	7,950	6,993	25,158	19,362
Data processing expense	4,827	5,026	14,629	14,439
FDIC insurance	1,575	1,185	4,915	1,953
Amortization of intangibles	883	918	2,773	2,373
Advertising and promotion expense	783	773	2,586	2,774
Credit loss expense (reversal) for off balance sheet credit exposures	980	(575)	2,155	5,714
Other operating expenses	8,888	9,763	28,036	26,447
Total non-interest expense	63,440	59,783	187,989	169,157
Income before income tax expense	50,181	36,428	175,035	74,641
Income tax expense	12,913	9,285	44,417	18,257
Net income	$ 37,268	$ 27,143	$ 130,618	$ 56,384
Basic earnings per share (usd per share)	$ 0.49	$ 0.37	$ 1.71	$ 0.84
Weighted average basic shares outstanding (in shares)	76,604,653	72,519,123	76,588,549	67,093,442
Diluted earnings per share (usd per share)	$ 0.49	$ 0.37	$ 1.70	$ 0.84
Weighted average diluted shares outstanding (in shares)	76,685,206	72,604,298	76,673,563	67,173,876

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 37,268	$ 27,143	$ 130,618	$ 56,384
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	(7,990)	(428)	(14,569)	15,388
Reclassification adjustment for gains included in net income	0	0	(171)	0
Total	(7,990)	(428)	(14,740)	15,388
Unrealized gains (losses) on derivatives	1,768	880	5,165	(6,117)
Amortization related to post-retirement obligations	(103)	85	(323)	239
Total other comprehensive (loss) income	(6,325)	537	(9,898)	9,510
Total comprehensive income	$ 30,943	$ 27,680	$ 120,720	$ 65,894

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Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	RETAINED EARNINGS	RETAINED EARNINGS Cumulative Effect, Period of Adoption, Adjustment	ACCUMULATED OTHER COMPREHENSIVE INCOME	TREASURYSTOCK	UNALLOCATED ESOP SHARES	COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS	DEFERRED COMPENSATION PLANS
Beginning Balance at Dec. 31, 2019	$ 1,413,840	$ (8,311)	$ 832	$ 1,007,303	$ 695,273	$ (8,311)	$ 3,821	$ (268,504)	$ (24,885)	$ (3,833)	$ 3,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,384				56,384
Other comprehensive income, net of tax	9,510						9,510
Cash dividends paid	(49,106)				(49,106)
Acquisition of supplemental director retirement plan	0									(1,336)	1,336
Distributions from DDFP	68			68						503	(503)
Purchases of treasury stock	(7,256)							(7,256)
Purchase of employee restricted shares to fund statutory tax withholding	(974)							(974)
Shares issued dividend reinvestment plan	451			50				401
Stock option exercises	0
Allocation of ESOP shares	2,127			(179)					2,306
Allocation of SAP shares	3,866			3,866
Treasury shares issued due to acquisition	180,828			(50,387)				231,215
Allocation of stock options	142			142
Ending Balance at Sep. 30, 2020	1,601,569		832	960,863	694,240		13,331	(45,118)	(22,579)	(4,666)	4,666
Beginning Balance at Jun. 30, 2020	1,410,407		832	1,009,978	685,509		12,794	(275,359)	(23,347)	(3,498)	3,498
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,143				27,143
Other comprehensive income, net of tax	537						537
Cash dividends paid	(18,412)				(18,412)
Acquisition of supplemental director retirement plan	0									(1,336)	1,336
Distributions from DDFP	16			16						168	(168)
Purchases of treasury stock	(961)							(961)
Purchase of employee restricted shares to fund statutory tax withholding	(13)							(13)
Allocation of ESOP shares	605			(163)					768
Allocation of SAP shares	1,371			1,371
Treasury shares issued due to acquisition	180,828			(50,387)				231,215
Allocation of stock options	48			48
Ending Balance at Sep. 30, 2020	1,601,569		832	960,863	694,240		13,331	(45,118)	(22,579)	(4,666)	4,666
Beginning Balance at Dec. 31, 2020	1,619,797		832	962,453	718,090		17,655	(59,018)	(20,215)	(4,549)	4,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	130,618				130,618
Other comprehensive income, net of tax	(9,898)						(9,898)
Cash dividends paid	(53,995)				(53,995)
Distributions from DDFP	107			107						425	(425)
Purchases of treasury stock	(13,913)							(13,913)
Purchase of employee restricted shares to fund statutory tax withholding	(961)							(961)
Stock option exercises	638			(82)				720
Allocation of ESOP shares	2,993			687					2,306
Allocation of SAP shares	3,887			3,887
Allocation of stock options	151			151
Ending Balance at Sep. 30, 2021	1,679,424		832	967,203	794,713		7,757	(73,172)	(17,909)	(4,124)	4,124
Beginning Balance at Jun. 30, 2021	1,677,634		832	965,470	775,235		14,082	(59,307)	(18,678)	(4,213)	4,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,268				37,268
Other comprehensive income, net of tax	(6,325)						(6,325)
Cash dividends paid	(17,790)				(17,790)
Distributions from DDFP	38			38						89	(89)
Purchases of treasury stock	(13,865)							(13,865)
Allocation of ESOP shares	994			225					769
Allocation of SAP shares	1,421			1,421
Allocation of stock options	49			49
Ending Balance at Sep. 30, 2021	$ 1,679,424		$ 832	$ 967,203	$ 794,713		$ 7,757	$ (73,172)	$ (17,909)	$ (4,124)	$ 4,124

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 130,618	$ 56,384
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles	9,531	7,799
Provision (benefit) charge for credit losses on loans and securities	(24,736)	32,017
Credit loss expense for off-balance sheet credit exposure	2,155	5,714
Deferred tax expense (benefit)	5,323	(7,531)
Amortization of operating lease right-of-use assets	7,559	6,565
Income on Bank-owned life insurance	(5,970)	(4,290)
Net amortization of premiums and discounts on securities	11,032	6,881
Accretion of net deferred loan fees	(5,019)	(6,079)
Amortization of premiums on purchased loans, net	536	779
Net increase in loans originated for sale	(25,016)	(13,559)
Proceeds from sales of loans originated for sale	26,056	14,347
Proceeds from sales and paydowns of foreclosed assets	1,368	3,491
ESOP expense	2,993	2,127
Allocation of stock award shares	3,887	3,866
Allocation of stock options	151	142
Net gain on sale of loans	(1,040)	(788)
Net gain on securities transactions	(257)	(55)
Net gain on sale of premises and equipment	(35)	(806)
Net gain on sale of foreclosed assets	(528)	(859)
Decrease in accrued interest receivable	5,584	5,989
Decrease (increase) in other assets	10,596	(145,561)
(Decrease) increase in other liabilities	(31,000)	78,047
Net cash provided by operating activities	123,788	44,620
Cash flows from investing activities:
Proceeds from maturities, calls and paydowns of held to maturity debt securities	44,054	49,422
Purchases of held to maturity debt securities	(21,417)	(31,686)
Proceeds from sales of securities	9,442	13,905
Proceeds from maturities and paydowns of available for sale debt securities	288,699	247,660
Purchases of available for sale debt securities	(1,140,182)	(137,879)
Proceeds from redemption of Federal Home Loan Bank stock	29,197	88,909
Purchases of Federal Home Loan Bank stock	(3,752)	(90,370)
Cash received, net of cash consideration paid for acquisition	0	78,089
BOLI claim benefits received	3,851	6,527
Purchases of loans	(2,060)	0
Net decrease (increase) in loans	274,399	(668,612)
Proceeds from sales of premises and equipment	35	806
Purchases of premises and equipment	(8,348)	(6,977)
Net cash used in investing activities	(526,082)	(450,206)
Cash flows from financing activities:
Net increase in deposits	998,792	698,854
Increase in mortgage escrow deposits	3,266	706
Cash dividends paid to stockholders	(53,995)	(49,106)
Shares issued dividend reinvestment plan	0	451
Purchase of treasury stock	(13,913)	(7,256)
Purchase of employee restricted shares to fund statutory tax withholding	(961)	(974)
Stock options exercised	638	0
Proceeds from long-term borrowings	727,985	1,810,999
Payments on long-term borrowings	(1,275,440)	(1,649,915)
Net decrease in short-term borrowings	(11,142)	(74,783)
Net cash provided by financing activities	375,230	728,976
Net (decrease) increase in cash and cash equivalents	(27,064)	323,390
Cash and cash equivalents at beginning of period	532,353	186,748
Cash and cash equivalents at end of period	505,289	510,138
Cash paid during the period for:
Interest on deposits and borrowings	28,266	37,506
Income taxes	41,165	22,534
Non-cash investing activities:
Transfer of loans receivable to foreclosed assets	434	2,516
Non-cash assets acquired at fair value:
Investment securities	0	255,242
Loans, net	0	1,752,529
Bank-owned life insurance	0	37,237
Goodwill and other intangible assets	1,422	32,404
Bank premises and equipment	0	16,620
Other assets	(1,422)	19,786
Total non-cash assets acquired at fair value	0	2,113,818
Liabilities assumed
Deposits	0	1,757,777
Borrowings and subordinated debt	0	226,656
Other Liabilities	0	26,648
Total liabilities assumed	0	2,011,081
Stock Issued	$ 0	$ 180,828

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

A. Basis of Financial Statement Presentation

The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”).

In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change.

The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021.

Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.

These unaudited consolidated financial statements should be read in conjunction with the December 31, 2020 Annual Report to Stockholders on Form 10-K.

B. Earnings Per Share

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands, except per share amounts):

	Three months ended September 30,
	2021					2020
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	37,268				$	27,143
Basic earnings per share:
Income available to common stockholders	$	37,268	76,604,653	$	0.49	$	27,143	72,519,123	$	0.37
Dilutive shares			80,553					85,175
Diluted earnings per share:
Income available to common stockholders	$	37,268	76,685,206	$	0.49	$	27,143	72,604,298	$	0.37

	Nine months ended September 30,
	2021					2020
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	130,618				$	56,384
Basic earnings per share:
Income available to common stockholders	$	130,618	76,588,549	$	1.71	$	56,384	67,093,442	$	0.84
Dilutive shares			85,014					80,434
Diluted earnings per share:
Income available to common stockholders	$	130,618	76,673,563	$	1.70	$	56,384	67,173,876	$	0.84

Anti-dilutive stock options and awards at September 30, 2021 and 2020, totaling 830,628 shares and 1.1 million shares, respectively, were excluded from the earnings per share calculations.

C. Loans Receivable and Allowance for Credit Losses

On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with the current expected credit loss methodology (“CECL”). The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL.

Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses on loans will be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and nine months ended September 30, 2021, the improved economic outlook and the resulting lower allowance requirements led to reductions to the provisions for credit losses and off-balance sheet credit exposures. See Note 4 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans.

D. Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of July 1, 2021. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted.

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Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Business Combinations

SB One Bancorp Acquisition

On July 31, 2020, the Company completed its acquisition of SB One Bancorp ("SB One"), which added $2.20 billion to total assets, $1.77 billion to total loans and $1.76 billion to total deposits, and 18 full-service banking offices in New Jersey and New York. As part of the acquisition, the addition of SB One Insurance Agency, Inc. expanded the Company's product offerings to its customers to include an array of commercial and personal insurance products.

Under the merger agreement, each share of outstanding SB One common stock was exchanged for 1.357 shares of the Company's common stock. The Company issued 12.8 million shares of common stock from treasury stock, plus cash in lieu of fractional shares in the acquisition of SB One. The total consideration paid for the acquisition of SB One was $180.8 million. In connection with the acquisition, SB One Bank, a wholly owned subsidiary of SB One, was merged with and into Provident Bank, a wholly owned subsidiary of the Company.

The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired was recorded as goodwill and initially totaled $22.4 million. The calculation of goodwill was subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. (see Goodwill section for further details).

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One, net of cash consideration paid (in thousands):

	At July 31, 2020
Assets acquired:
Cash and cash equivalents, net	$	78,089
Available for sale debt securities	231,645
Held to maturity debt securities	12,381
Federal Home Loan Bank stock	11,216
Loans	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Loans, net	1,752,529
Bank-owned life insurance	37,237
Banking premises and equipment	16,620
Accrued interest receivable	8,947
Goodwill	22,439
Other intangibles assets	9,965
Foreclosed assets, net	2,441
Other assets	12,199
Total assets acquired	$	2,195,708
Liabilities assumed:
Deposits	1,757,777
Borrowed funds	201,582
Subordinated debentures	25,074
Other liabilities	30,447
Total liabilities assumed	$	2,014,880
Net assets acquired	$	180,828

Fair Value Measurement of Assets Assumed and Liabilities Assumed

The methods used to determine the fair value of the assets acquired and liabilities assumed in the SB One acquisition were as follows:

Securities Available for Sale

The estimated fair values of the available for sale debt securities, primarily comprised of U.S. Government agency mortgage-backed securities and U.S. government agencies and municipal bonds carried on SB One's balance sheet was confirmed using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities and a fair value adjustment was not recorded on the investments.

Held to Maturity Debt Securities

The estimated fair values of the held to maturity debt securities, primarily comprised of municipal bonds, were determined using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities. A fair value premium of $133,000 was recorded on the investments.

Loans

Loans acquired in the SB One acquisition were recorded at fair value, and there was no carryover related allowance for loan and lease losses. The fair values of loans acquired from SB One were estimated using the discounted cash flow method based on the remaining maturity and repricing terms. Cash flows were adjusted for expected losses and prepayments. Projected cash flows were then discounted to present value based on: the relative risk of the cash flows, taking into account the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and monthly principal and interest cash flows were discounted to present value and summed to arrive at the calculated value of the loans. The fair value of the acquired loans receivable had a gross amortized cost basis of $1.77 billion.  

For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, the Company prepared the interest rate loan fair value and credit fair value adjustments. Loans were grouped into pools based on similar characteristics, such as loan type, fixed or adjustable interest rates, payment type, index rate and caps/floors, and non-accrual status. The loans were valued at the sub-pool level and were pooled at the summary level based on loan type. Market rates for similar loans were obtained from various internal and external data sources and reviewed by management for reasonableness. The average of these market rates was used as the fair value interest rate that a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value premium of $8.4 million.

Loans acquired that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics.

Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans in accordance with ASC 326-20. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecasts inclusive of the impact of the COVID-19 pandemic and related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, SB One and peer banks. A $13.6 million allowance for credit losses was recorded on PCD loans. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield amortization or straight line method over the expected life of the loans. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses.

The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands):

Gross amortized cost basis at July 31, 2020	$	1,787,057
Interest rate fair value adjustment on all loans	455
Credit fair value adjustment on non-PCD loans	(21,397)
Fair value of acquired loans at July 31, 2020	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Fair value of acquired loans at July 31, 2020	$	1,752,529

The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

Banking Premises and Equipment

The Company acquired 18 branches from SB One, eight of which were owned premises. The fair value of properties acquired was derived by valuations prepared by an independent third party utilizing the sales comparison approach to value the property as improved.

Core Deposit Intangible and Customer Relationship Intangible

The fair value of the core deposit intangible was determined based on a discounted cash flow analysis using a discount rate commensurate with market participants. To calculate cash flows, deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the cost of alternative funding sources available through national brokered CD offering rates. The projected cash flows were developed using projected deposit attrition rates.

The fair value of the customer relationship intangible was determined based on a discounted cash flow analysis using the excess of the future cash inflows (i.e., revenue from existing customer relationships) over the related cash outflows (i.e., operating costs) generated over the useful life of the acquired customer base. These cash flows were discounted to present value using an asset-specific risk-adjusted discount rate. The projected cash flows were developed using projected customer revenue retention rates.

The core deposit intangible totaled $3.2 million and is being amortized over its estimated useful life of approximately 10 years based on dollar weighted deposit runoff on an annualized basis. The insurance agency customer relationship intangible totaled $6.8 million and is being amortized over its estimated useful life of approximately 13 years based on customer revenue attrition on an annualized basis.

Goodwill

As noted above, the acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired was recorded as goodwill, and initially totaled $22.4 million. The calculation of goodwill was subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available.

The Company updated certain estimates used in the purchase price allocation, primarily with respect to the marginal tax rate of deferred tax assets (“DTA”). As a result, the fair value of the net assets acquired decreased by $1.4 million. The impact of these measurement period adjustments increased goodwill to $23.9 million. The Company has finalized the purchase price allocation and these measurement period adjustments are recorded as current period adjustments in accordance with ASU 2015-16. Goodwill is not deductible for tax purposes and will be evaluated annually for impairment.

Bank Owned Life Insurance ("BOLI")

SB One's BOLI cash surrender value was $37.2 million with no fair value adjustment.

Time Deposits

The fair value adjustment for time deposits represents a discount from the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar-term time deposits. The time deposit discount of approximately $4.3 million is being amortized into income on a level yield amortization method over the contractual life of the deposits.

Borrowings

The fair value of Federal Home Loan Bank of New York ("FHLBNY") advances was determined based on a discounted cash flow analysis using a discount rate commensurate with FHLBNY rates as of July 31, 2020. The cash flows of the advances were projected based on the scheduled payments of the fixed rate of each advance.

Subordinated Debentures

At the valuation date, SB One had one outstanding Trust Preferred and one subordinated debt issuance with an aggregate balance of $27.5 million. The fair value of Trust Preferred and subordinated debt issuances was determined based on a discounted cash flow analysis using a discount rate commensurate with yields and terms of comparable issuances. The cash flows were projected through the remaining contractual term of the Trust Preferred issuance and based on the call date for the subordinated debt issuance.

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Investment Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

At September 30, 2021, the Company had $1.92 billion and $427.0 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio. The total number of available for sale and held to maturity debt securities in an unrealized loss position at September 30, 2021 totaled 160, compared with 49 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021 was due to higher current market interest rates compared to rates at December 31, 2020.

On January 1, 2020, the Company adopted CECL which replaces the incurred loss methodology with an expected loss methodology. The Company did not record an allowance for credit losses on available for sale debt securities as this portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed immaterial. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. The Company recorded a $70,000 increase to the allowance for credit losses on held to maturity debt securities with a corresponding cumulative effect adjustment to decrease retained earnings by $52,000, net of income taxes. (See Adoption of CECL table below for additional detail.)

Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types:

•Agency obligations;

•Mortgage-backed securities;

•State and municipal obligations; and

•Corporate obligations.

All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal, and corporate obligations carry no lower than A ratings from the rating agencies at September 30, 2021 and the Company had two securities rated BBB by Moody’s Investors Service.

The Company adopted CECL using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of CECL.

Available for Sale Debt Securities

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
U.S. Treasury obligations	$	99,463	184	(125)	99,522
Mortgage-backed securities	1,653,880		20,628	(11,447)	1,663,061
Asset-backed securities	45,989		1,891	—	47,880
State and municipal obligations	68,950		681	(147)	69,484
Corporate obligations	38,131		531	(136)	38,526
	$	1,906,413	23,915	(11,855)	1,918,473

	December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	1,001	8	—	1,009
Mortgage-backed securities	910,393		28,872	(852)	938,413
Asset-backed securities	52,295		1,535	—	53,830
State and municipal obligations	69,687		1,666	(95)	71,258
Corporate obligations	40,194		809	(24)	40,979
	$	1,073,570	32,890	(971)	1,105,489

The amortized cost and fair value of available for sale debt securities at September 30, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	September 30, 2021
	Amortized cost		Fair value
Due in one year or less	$	—	—
Due after one year through five years	56,536		56,576
Due after five years through ten years	84,512		84,999
Due after ten years	65,496		65,957
	$	206,544	207,532

Investments which pay principal on a periodic basis totaling $1.70 billion at amortized cost and $1.71 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

For the three months ended September 30, 2021, no securities were sold or called from the available for sale debt securities portfolio. For the nine months ended September 30, 2021, proceeds from sales on securities in the available for sale debt securities portfolio totaled $9.4 million, with gains of $230,000 and no loss recognized. For the three and nine months ended September 30, 2020, proceeds from calls on securities in the available for sale debt securities portfolio totaled $13.9 million, with no gain or loss recognized.

The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
U.S. Treasury obligations	$	49,596	(125)	—	—	49,596	(125)
Mortgage-backed securities	940,975		(11,447)	33	—	941,008	(11,447)
State and municipal obligations	24,846		(147)	—	—	24,846	(147)
Corporate obligations	6,710		(136)	—	—	6,710	(136)
	$	1,022,127	(11,855)	33	—	1,022,160	(11,855)

	December 31, 2020
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Mortgage-backed securities	$	127,600	(824)	8,007	(28)	135,607	(852)
State and municipal obligations	5,275		(95)	—	—	5,275	(95)
Corporate obligations	—		—	2,000	(24)	2,000	(24)
	$	132,875	(919)	10,007	(52)	142,882	(971)

The number of available for sale debt securities in an unrealized loss position at September 30, 2021 totaled 99, compared with 42 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021 was due to higher current market interest rates compared to rates at December 31, 2020. At September 30, 2021, there was one private label mortgage-backed security in an unrealized loss position, with an amortized cost of $17,277 and an unrealized loss of $450. This private-label mortgage-backed security was investment grade at September 30, 2021.

Held to Maturity Debt Securities

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	9,996	—	(54)	9,942
Mortgage-backed securities	29		1	—	30
State and municipal obligations	407,424		15,485	(589)	422,320
Corporate obligations	9,632		34	(70)	9,596
	$	427,081	15,520	(713)	441,888

At September 30, 2021, the allowance for credit losses on held to maturity debt securities totaled $42,000.

	December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	7,600	6	(5)	7,601
Mortgage-backed securities	62		2	—	64
State and municipal obligations	433,655		21,442	(58)	455,039
Corporate obligations	9,726		101	(2)	9,825
	$	451,043	21,551	(65)	472,529

At December 31, 2020, the allowance for credit losses on held to maturity debt securities totaled $78,000.

The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair value may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three and nine months ended September 30, 2021 and 2020. For the three and nine months ended September 30, 2021, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $21.1 million and $34.0 million, respectively. As to these calls on securities, for the three and nine months ended September 30, 2021, there were gross gains of $26,505 and no gross losses. For the three and nine months ended September 30, 2020, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $13.7 million and $39.5 million, respectively. As to these calls on securities, for the three months ended September 30, 2020, there were no gross gains and no gross losses. For the nine months ended September 30, 2020, there were gross gains of 55,000 and no gross losses.

The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at September 30, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	September 30, 2021
	Amortized cost		Fair value
Due in one year or less	$	—	—
Due after one year through five years	160,344		163,784
Due after five years through ten years	201,125		211,120
Due after ten years	65,583		66,954
	$	427,052	441,858

Mortgage-backed securities totaling $29,000 at amortized cost and $30,000 at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. Additionally, the allowance for credit losses totaling $42,000 is excluded from the table above.

The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities	$	6	—	6
Allowance for credit losses on municipal securities	64		—	64
Allowance for credit losses on held to maturity debt securities	$	70	—	70

The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021 Unrealized Losses
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Agency obligations	$	9,942	(54)	—	—	9,942	(54)
State and municipal obligations	31,291		(519)	2,077	(70)	33,368	(589)
Corporate obligations	7,221		(70)	—	—	7,221	(70)
	$	48,454	(643)	2,077	(70)	50,531	(713)

	December 31, 2020 Unrealized Losses
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Agency obligations	$	1,995	(5)	—	—	1,995	(5)
State and municipal obligations	4,846		(41)	406	(17)	5,252	(58)
Corporate obligations	786		(2)	—	—	786	(2)
	$	7,627	(48)	406	(17)	8,033	(65)

The number of held to maturity debt securities in an unrealized loss position at September 30, 2021 totaled 61, compared with 7 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021, was due to higher current market interest rates compared to rates at December 31, 2020.

Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of September 30, 2021 (in thousands):

	September 30, 2021
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total
Agency obligations	$	9,996	—	—	—	—	9,996
Mortgage-backed securities	29		—	—	—	—	29
State and municipal obligations	48,348		309,708	48,057	655	656	407,424
Corporate obligations	—		2,621	6,986	—	25	9,632
	$	58,373	312,329	55,043	655	681	427,081
	December 31, 2020
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total
Agency obligations	$	7,600	—	—	—	—	7,600
Mortgage-backed securities	62		—	—	—	—	62
State and municipal obligations	57,830		311,155	53,302	1,115	10,253	433,655
Corporate obligations	—		3,255	6,446	—	25	9,726
	$	65,492	314,410	59,748	1,115	10,278	451,043

Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. At September 30, 2021, the held to maturity debt securities portfolio was comprised of 14% rated AAA, 73% rated AA, 13% rated A, and less than 1% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated, such as U.S. Government mortgage-backed securities, were grouped where possible under the credit rating of the issuer of the security.

At September 30, 2021, the allowance for credit losses on held to maturity debt securities was $42,000, a decrease from $78,000 at December 31, 2020.

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Loans Receivable and Allowance for Credit Losses

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Loans Receivable and Allowance for Credit Losses

Loans Receivable and Allowance for Credit Losses

On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. The adoption of the new standard resulted in the Company recording a $7.9 million increase to the allowance for credit losses on loans with a corresponding cumulative effect adjustment to decrease retained earnings by $5.9 million, net of income taxes. (See Adoption of CECL table below for additional detail.)

Loans receivable at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Mortgage loans:
Residential	$	1,230,018	1,294,702
Commercial	3,704,684		3,458,666
Multi-family	1,379,773		1,484,515
Construction	685,792		541,939
Total mortgage loans	7,000,267		6,779,822
Commercial loans	2,234,020		2,567,470
Consumer loans	333,741		492,566
Total gross loans	9,568,028		9,839,858
Premiums on purchased loans	1,313		1,566
Unearned discounts	(6)		(12)
Net deferred fees	(14,735)		(18,522)
Total loans	$	9,554,600	9,822,890

In the first quarter of 2021, $101.7 million of loans acquired in the SB One transaction that were previously classified as consumer loans were classified as commercial mortgage loans, following further analysis of the underwriting documents and operational intent of the borrower. These loans are comprised of term loans and lines of credit secured by 1-4 family residential properties that are held by borrowers to generate rental income.

The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands):

	September 30, 2021
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Residential	$	4,667	2,177	7,263	—	14,107	1,215,911	1,230,018	7,263
Commercial	843		—	32,619	—	33,462	3,671,222	3,704,684	22,617
Multi-family	250		—	439	—	689	1,379,084	1,379,773	439
Construction	—		—	2,967	—	2,967	682,825	685,792	2,967
Total mortgage loans	5,760		2,177	43,288	—	51,225	6,949,042	7,000,267	33,286
Commercial loans	1,668		1,028	21,434	—	24,130	2,209,890	2,234,020	15,159
Consumer loans	2,129		—	1,479	—	3,608	330,133	333,741	1,479
Total gross loans	$	9,557	3,205	66,201	—	78,963	9,489,065	9,568,028	49,924

	December 31, 2020
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Residential	$	15,789	8,852	9,315	—	33,956	1,260,746	1,294,702	9,315
Commercial	761		113	31,982	—	32,856	3,425,810	3,458,666	20,482
Multi-family	206		585	—	—	791	1,483,724	1,484,515	—
Construction	—		—	1,392	—	1,392	540,547	541,939	1,392
Total mortgage loans	16,756		9,550	42,689	—	68,995	6,710,827	6,779,822	31,189
Commercial loans	1,658		1,179	42,118	—	44,955	2,522,515	2,567,470	15,541
Consumer loans	4,348		4,519	2,283	—	11,150	481,416	492,566	2,283
Total gross loans	$	22,762	15,248	87,090	—	125,100	9,714,758	9,839,858	49,013

Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $66.2 million and $87.1 million at September 30, 2021 and December 31, 2020, respectively. Included in non-accrual loans were $28.5 million and $35.3 million of loans which were less than 90 days past due at September 30, 2021 and December 31, 2020, respectively. There were no loans 90 days or greater past due and still accruing interest at September 30, 2021 and December 31, 2020.

Management has elected to measure an allowance for credit losses for accrued interest receivables specifically related to any loan that has been deferred as a result of COVID-19. Generally, accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status.

The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million, for which, based on current information, the Bank does not expect to collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). An allowance for collateral-dependent impaired loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required.

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have been no significant time lapses resulting from this process.

At September 30, 2021, there were 159 impaired loans totaling $68.0 million. Included in this total were 111 TDRs related to 107 borrowers totaling $21.8 million that were performing in accordance with their restructured terms and which continued to accrue interest at September 30, 2021. At December 31, 2020, there were 169 impaired loans totaling $86.0 million, of which 135 loans totaling $39.6 million were TDRs. Included in this total were 112 TDRs to 110 borrowers totaling $23.1 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2020.

At September 30, 2021 and December 31, 2020, the Company had $31.7 million and $26.3 million related to the fair value of underlying collateral-dependent impaired loans, respectively. These collateral-dependent impaired loans at September 30, 2021 consisted of $30.1 million in commercial loans, $1.6 million in residential real estate loans, and $75,000 in consumer loans. The collateral for these impaired loans was primarily real estate.

The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):

Three months ended September 30,	Mortgage loans		Commercial loans	Consumer loans	Total
2021
Balance at beginning of period	$	55,469	21,262	4,228	80,959
Provision charge (benefit) to operations	626		963	(589)	1,000
Recoveries of loans previously charged-off	71		336	140	547
Loans charged-off	(2,110)		(263)	(100)	(2,473)
Balance at end of period	$	54,056	22,298	3,679	80,033
2020
Balance at beginning of period	$	54,871	25,284	6,104	86,259
Provision charge to operations	2,922		2,767	722	6,411
Initial allowance on credit loans related to PCD loans	11,984		1,582	20	13,586
Recoveries of loans previously charged-off	35		679	144	858
Loans charged-off	(22)		(727)	(51)	(800)
Balance at end of period	$	69,790	29,585	6,939	106,314

Nine months ended September 30,	Mortgage loans		Commercial loans	Consumer loans	Total
2021
Balance at beginning of period	$	68,307	27,084	6,075	101,466
Provision benefit to operations	(11,760)		(10,319)	(2,621)	(24,700)
Recoveries of loans previously charged-off	538		6,654	640	7,832
Loans charged-off	(3,029)		(1,121)	(415)	(4,565)
Balance at end of period	$	54,056	22,298	3,679	80,033
2020
Balance at beginning of period	$	25,511	28,263	1,751	55,525
Provision charge to operations	17,987		12,672	1,352	32,011
Initial allowance on credit loans related to PCD loans	11,984		1,582	20	13,586
Recoveries of loans previously charged-off	143		1,597	370	2,110
Increase (decrease) due to initial CECL adoption - retained earnings	14,188		(9,974)	3,706	7,920
Loans charged-off	(23)		(4,555)	(260)	(4,838)
Balance at end of period	$	69,790	29,585	6,939	106,314

As a result of the January 1, 2020 adoption of CECL, the Company recorded a $7.9 million increase to the allowance for credit losses on loans. For the three and nine months ended September 30, 2021, the Company recorded a $1.0 million provision for credit losses on loans and a $24.7 million negative provision for credit losses on loans, respectively. The reduction in provision for credit losses for three and nine months ended September 30, 2021, compared to the same period in the prior year, was primarily the result of improved asset quality, an improved economic forecast and the resultant favorable impact on expected credit losses, compared to the prior year where the provision for credit losses was based upon a weak economic forecast and a more uncertain outlook attributable to the COVID-19 pandemic.

The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Loans
Residential	$	8,950	3,414	5,536
Commercial	17,118		12,831	4,287
Multi-family	9,519		3,374	6,145
Construction	4,152		5,892	(1,740)
Total mortgage loans	39,739		25,511	14,228
Commercial loans	18,254		28,263	(10,009)
Consumer loans	5,452		1,751	3,701
Allowance for credit losses on loans	$	63,445	55,525	7,920

The following tables summarize loans receivable by portfolio segment and impairment method (in thousands):

	September 30, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	50,577	16,177	1,284	68,038
Collectively evaluated for impairment	6,949,690		2,217,843	332,457	9,499,990
Total gross loans	$	7,000,267	2,234,020	333,741	9,568,028

	December 31, 2020
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	48,783	35,832	1,431	86,046
Collectively evaluated for impairment	6,731,039		2,531,638	491,135	9,753,812
Total gross loans	$	6,779,822	2,567,470	492,566	9,839,858

The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands):

	September 30, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	1,574	3,604	57	5,235
Collectively evaluated for impairment	52,482		18,694	3,622	74,798
Total gross loans	$	54,056	22,298	3,679	80,033

	December 31, 2020
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	4,220	4,715	39	8,974
Collectively evaluated for impairment	64,087		22,369	6,036	92,492
Total gross loans	$	68,307	27,084	6,075	101,466

Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, management attempts to obtain

additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible.

The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020, along with their balances immediately prior to the modification date and post-modification as of September 30, 2021 and 2020 (in thousands):

	For the three months ended
	September 30, 2021					September 30, 2020
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
Mortgage loans:
Residential	2	$	375	$	369	1	$	91	$	79
Total mortgage loans	2	375		369		1	91		79
Commercial loans	—	—		—		1	1,399		1,399
Total restructured loans	2	$	375	$	369	2	$	1,490	$	1,478

	For the nine months ended
	September 30, 2021					September 30, 2020
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment		Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
Mortgage loans:
Residential	3	$	546	$	538	2	$	434	$	360
Total mortgage loans	3	546		538		2	434		360
Commercial loans	4	2,940		2,318		5	2,882		2,791
Total restructured loans	7	$	3,486	$	2,856	7	$	3,316	$	3,151

All TDRs are impaired loans, which are individually evaluated for impairment. During the three and nine months ended September 30, 2021, $2.1 million and $3.5 million of charge-offs were recorded on collateral-dependent impaired loans, respectively. During the three and nine months ended September 30, 2020, $612,000 and $3.8 million of charge-offs were recorded on collateral-dependent impaired loans, respectively. For the nine months ended September 30, 2021, the allowance for credit losses associated with the TDRs presented in the preceding tables totaled $56,000, and was included in the allowance for credit losses for loans individually evaluated for impairment.

For the three and nine months ended September 30, 2021, the TDRs presented in the preceding tables had a weighted average modified interest rate of 3.22% and 4.35%, respectively, compared to a weighted average rate of 4.83% and 4.64% prior to modification, for the three and nine months ended September 30, 2021, respectively.

There were no loans which had a payment default (90 days or more past due) for loans modified as TDRs within the 12 month periods ending September 30, 2021 and September 30, 2020. For TDRs that subsequently default, the Company determines the amount of the allowance for the respective loans in accordance with the accounting policy for the allowance for credit losses on loans individually evaluated for impairment.

As allowed by CECL, the Company elected to maintain pools of loans accounted for under ASC 310-30. At December 31, 2020, purchased credit impaired (“PCI”) loans totaled $746,000. In accordance with the CECL standard, management did not reassess whether modifications of individually acquired financial assets accounted for in pools were TDRs as of the date of adoption. Loans considered to be PCI prior to January 1, 2020 were converted to PCD loans on that date. Any additional loans acquired by the Company after January 1, 2020 that experience more-than-insignificant deterioration in credit quality after origination, will be classified as PCD loans.

The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Fair value of PCD loans	307,796
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

At September 30, 2021, the balance of PCD loans totaled $259.3 million with a related allowance for credit losses of $12.3 million. The balance of PCD loans at December 31, 2020 was $296.6 million with a related allowance for credit losses of $13.1 million.

The following table presents loans individually evaluated for impairment by class and loan category (in thousands):

	September 30, 2021						December 31, 2020
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance	Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	12,088	9,447	—	9,588	331	13,981	11,380	—	11,587	511
Commercial	26,407		20,277	—	23,012	65	17,414	17,414	—	16,026	60
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	2,200		2,190	—	2,148	30	—	—	—	—	—
Total	40,695		31,914	—	34,748	426	31,395	28,794	—	27,613	571
Commercial loans	9,989		7,461	—	7,760	26	15,895	14,009	—	12,791	46
Consumer loans	1,412		880	—	909	53	1,382	880	—	7	50
Total impaired loans	$	52,096	40,255	—	43,417	505	48,672	43,683	—	40,411	667
Loans with an allowance recorded
Mortgage loans:
Residential	$	8,113	7,781	860	7,855	198	7,950	7,506	806	7,604	307
Commercial	11,288		10,882	714	11,098	36	14,993	12,483	3,414	123	570
Multi-family	—		—	—	—	—	—	—	—	—	—
Total	19,401		18,663	1,574	18,953	234	22,943	19,989	4,220	7,727	877
Commercial loans	9,614		8,716	3,604	12,198	221	24,947	21,823	4,715	18,620	311
Consumer loans	423		404	57	411	14	565	551	39	5	20
Total impaired loans	$	29,438	27,783	5,235	31,562	469	48,455	42,363	8,974	26,352	1,208
Total impaired loans
Mortgage loans:
Residential	$	20,201	17,228	860	17,443	529	21,931	18,886	806	19,191	818
Commercial	37,695		31,159	714	34,110	101	32,407	29,897	3,414	16,149	630
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	2,200		2,190	—	2,148	30	—	—	—	—	—
Total	60,096		50,577	1,574	53,701	660	54,338	48,783	4,220	35,340	1,448
Commercial loans	19,603		16,177	3,604	19,958	247	40,842	35,832	4,715	31,411	357
Consumer loans	1,835		1,284	57	1,320	67	1,947	1,431	39	12	70
Total impaired loans	$	81,534	68,038	5,235	74,979	974	97,127	86,046	8,974	66,763	1,875

Specific allocations of the allowance for credit losses attributable to impaired loans totaled $5.2 million at September 30, 2021 and $9.0 million at December 31, 2020. At September 30, 2021 and December 31, 2020, impaired loans for which there was no related allowance for credit losses totaled $40.3 million and $43.7 million, respectively. The average balance of impaired loans for the nine months ended September 30, 2021 and the twelve months ended December 31, 2020 was $75.0 million and $66.8 million, respectively.

Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal

risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third-party. Reports by the independent third-party are presented directly to the Audit Committee of the Board of Directors.

The Company participated in the Paycheck Protection Program (“PPP”) through the United States Department of the Treasury and Small Business Administration ("SBA"). As of September 30, 2021, the Company secured 2,066 PPP loans for its customers totaling $681.9 million, which includes both the initial round and the second round of PPP. As of September 30, 2021, 1,521 PPP loans totaling $508.1 million were forgiven. The balance at September 30, 2021 for PPP loans was $173.8 million. The PPP loans are fully guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan was made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the SBA to the Company. PPP loans are included in the commercial loan portfolio.

The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2021 and December 31, 2020 (in thousands):

	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	1,211	589	—	—	1,800
Substandard	—		—	—	280	483	10,131	—	—	10,894
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	280	1,694	10,720	—	—	12,694
Pass/Watch	199,446		246,325	121,486	70,897	77,692	501,478	—	—	1,217,324
Total residential	$	199,446	246,325	121,486	71,177	79,386	512,198	—	—	1,230,018
Commercial Mortgage
Special mention	$	—	1,797	30,621	28,757	23,089	42,003	1,094	—	127,361
Substandard	—		—	21	27,507	8,234	54,097	926	—	90,785
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,797	30,642	56,264	31,323	96,100	2,019	—	218,145
Pass/Watch	444,371		596,262	597,957	327,684	424,605	979,094	90,511	26,055	3,486,539
Total commercial mortgage	$	444,371	598,059	628,599	383,948	455,928	1,075,194	92,530	26,055	3,704,684
Multi-family
Special mention	$	—	—	673	—	3,072	279	—	—	4,024
Substandard	—		439	1,156	—	—	1,422	—	—	3,017
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		439	1,829	—	3,072	1,701	—	—	7,041
Pass/Watch	74,438		303,340	175,132	192,255	138,762	484,289	2,894	1,622	1,372,732
Total multi-family	$	74,438	303,779	176,961	192,255	141,834	485,990	2,894	1,622	1,379,773

	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Construction
Special mention	$	—	1,975	17,622	—	7,300	—	—	—	26,897
Substandard	—		—	—	2,967	—	—	—	—	2,967
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,975	17,622	2,967	7,300	—	—	—	29,864
Pass/Watch	114,736		156,051	252,329	124,346	2,110	418	—	5,938	655,928
Total construction	$	114,736	158,026	269,951	127,313	9,410	418	—	5,938	685,792
Total Mortgage
Special mention	$	—	3,772	48,916	28,757	34,672	42,871	1,094	—	160,082
Substandard	—		439	1,177	30,754	8,717	65,650	926	—	107,663
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		4,211	50,093	59,511	43,389	108,521	2,019	—	267,744
Pass/Watch	832,991		1,301,978	1,146,904	715,182	643,169	1,965,279	93,405	33,615	6,732,523
Total Mortgage	$	832,991	1,306,189	1,196,997	774,693	686,558	2,073,800	95,424	33,615	7,000,267
Commercial
Special mention	$	1,980	2,818	3,839	3,331	21,391	41,325	3,210	3,465	81,359
Substandard	—		89	7,024	5,956	16,050	67,708	20,403	2,534	119,764
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,980		2,907	10,863	9,287	37,441	109,033	23,613	5,999	201,122
Pass/Watch	397,519		228,692	182,346	170,359	147,442	514,271	350,255	42,013	2,032,897
Total commercial	$	399,499	231,599	193,209	179,646	184,883	623,304	373,868	48,011	2,234,020
Consumer (1)
Special mention	$	—	—	—	—	—	—	—	—	—
Substandard	—		—	17	119	80	1,117	7	63	1,403
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	17	119	80	1,117	7	63	1,403
Pass/Watch	19,260		5,721	26,796	22,511	16,842	106,577	117,533	17,098	332,339
Total consumer	$	19,260	5,721	26,813	22,630	16,922	107,694	117,540	17,162	333,741
Total Loans
Special mention	$	1,980	6,590	52,755	32,088	56,063	84,196	4,304	3,465	241,440
Substandard	—		528	8,218	36,829	24,847	134,475	21,335	2,597	228,829
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—

	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Total criticized and classified	1,980		7,118	60,973	68,917	80,910	218,671	25,639	6,062	470,270
Pass/Watch	1,249,770		1,536,391	1,356,046	908,052	807,453	2,586,127	561,193	92,727	9,097,759
Total gross loans	$	1,251,750	1,543,509	1,417,019	976,969	888,363	2,804,798	586,832	98,788	9,568,028

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	123	2,759	—	—	2,882
Substandard	164		3,375	1,669	2,221	2,184	17,039	—	—	26,652
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	164		3,375	1,669	2,221	2,307	19,798	—	—	29,534
Pass/Watch	271,858		152,117	93,588	101,943	119,563	526,099	—	—	1,265,168
Total residential	$	272,022	155,492	95,257	104,164	121,870	545,897	—	—	1,294,702
Commercial Mortgage
Special mention	$	—	29,268	33,446	22,838	3,041	34,992	—	1,045	124,630
Substandard	—		1,905	3,687	21,095	10,185	61,441	—	—	98,313
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		31,173	37,133	43,933	13,226	96,433	—	1,045	222,943
Pass/Watch	596,364		600,904	395,280	432,590	302,034	809,779	68,650	30,122	3,235,723
Total commercial mortgage	$	596,364	632,077	432,413	476,523	315,260	906,212	68,650	31,167	3,458,666
Multi-family
Special mention	$	—	682	19,837	3,117	5,558	300	—	288	29,782
Substandard	—		—	—	—	—	1,568	—	—	1,568
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		682	19,837	3,117	5,558	1,868	—	288	31,350
Pass/Watch	291,995		180,271	187,880	169,310	131,297	486,649	3,418	2,346	1,453,165
Total multi-family	$	291,995	180,953	207,717	172,427	136,855	488,517	3,418	2,633	1,484,515
Construction
Special mention	$	1,991	14,508	7,877	—	—	—	—	—	24,376
Substandard	—		—	4,309	615	—	—	—	—	4,924

	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,991		14,508	12,186	615	—	—	—	—	29,300
Pass/Watch	88,777		236,021	138,190	43,224	1,568	512	—	4,347	512,639
Total construction	$	90,768	250,529	150,376	43,839	1,568	512	—	4,347	541,939
Total Mortgage
Special mention	$	1,991	44,458	61,160	25,955	8,722	38,051	—	1,333	181,670
Substandard	164		5,280	9,665	23,931	12,369	80,048	—	—	131,457
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	2,155		49,738	70,825	49,886	21,091	118,099	—	1,333	313,127
Pass/Watch	1,248,994		1,169,313	814,938	747,067	554,462	1,823,039	72,067	36,815	6,466,695
Total Mortgage	$	1,251,149	1,219,051	885,763	796,953	575,553	1,941,138	72,067	38,148	6,779,822
Commercial
Special mention	$	—	6,295	6,038	27,251	9,779	81,355	22,745	3,617	157,080
Substandard	—		7,324	2,527	16,139	40,512	41,831	16,738	2,018	127,090
Doubtful	—		—	—	—	—	—	52	—	52
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		13,619	8,565	43,390	50,291	123,186	39,536	5,635	284,222
Pass/Watch	695,125		207,400	205,892	179,068	141,925	415,729	397,408	40,700	2,283,247
Total commercial	$	695,125	221,019	214,457	222,458	192,216	538,915	436,944	46,335	2,567,470
Consumer (1)
Special mention	$	—	3	—	70	28	299	1,304	163	1,867
Substandard	25		49	14	—	2,912	1,230	1,236	1,278	6,744
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	25		52	14	70	2,940	1,529	2,540	1,441	8,611
Pass/Watch	12,746		50,605	54,962	45,698	25,539	143,685	135,839	14,881	483,955
Total consumer	$	12,771	50,657	54,976	45,768	28,479	145,214	138,378	16,323	492,566
Total Loans
Special mention	$	1,991	50,756	67,198	53,276	18,529	119,705	24,049	5,113	340,617
Substandard	189		12,653	12,206	40,070	55,793	123,109	17,975	3,296	265,291
Doubtful	—		—	—	—	—	—	52	—	52
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	2,180		63,409	79,404	93,346	74,322	242,814	42,076	8,410	605,960

	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Pass/Watch	1,956,865		1,427,318	1,075,792	971,833	721,926	2,382,453	605,314	92,396	9,233,898
Total gross loans	$	1,959,045	1,490,727	1,155,196	1,065,179	796,248	2,625,267	647,390	100,806	9,839,858

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

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Deposits

9 Months Ended

Sep. 30, 2021

Banking and Thrift, Other Disclosures [Abstract]

Deposits

DepositsDeposits at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Savings	$	1,428,630	1,348,147
Money market	2,461,688		2,245,412
NOW	3,558,816		2,808,637
Non-interest bearing	2,606,983		2,341,459
Certificates of deposit	780,504		1,094,174
Total deposits	$	10,836,621	9,837,829

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Borrowed Funds

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Borrowed Funds

Borrowed Funds

Borrowed funds at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Securities sold under repurchase agreements	$	114,004	99,936
FHLB line of credit	—		25,000
FHLB advances	503,371		1,051,036
Total borrowed funds	$	617,375	1,175,972

At September 30, 2021, FHLB advances were at fixed rates and mature between October 2021 and July 2025, and at December 31, 2020, FHLB advances were at fixed rates with maturities between January 2021 and June 2025. These advances are secured by loans receivable under a blanket collateral agreement.

Scheduled maturities of FHLB advances at September 30, 2021 are as follows (in thousands):

	2021
Due in one year or less	$	347,623
Due after one year through two years	58,589
Due after two years through three years	22,899
Due after three years through four years	74,260
Due after four years through five years	—
Thereafter	—
Total FHLB advances	$	503,371

Scheduled maturities of securities sold under repurchase agreements at September 30, 2021 are as follows (in thousands):

	2021
Due in one year or less	$	114,004
Due after one year through two years	—
Due after two years through three years	—
Due after three years through four years	—
Due after four years through five years	—
Thereafter	—
Total securities sold under repurchase agreements	$	114,004

The following tables set forth certain information as to borrowed funds for the periods ended September 30, 2021 and December 31, 2020 (in thousands):

	Maximum balance		Average balance	Weighted average interest rate
September 30, 2021
Securities sold under repurchase agreements	$	123,415	112,838	0.05	%
FHLB line of credit	—		275	0.34	%
FHLB advances	941,939		731,127	1.30
December 31, 2020
Securities sold under repurchase agreements	$	115,233	86,194	0.28	%
FHLB line of credit	422,000		97,853	1.09
FHLB advances	1,177,083		1,045,282	1.49

Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements.

At September 30, 2021 and December 31, 2020, available for sale debt securities pledged as collateral for repurchase agreements totaled $129.7 million and $105.1 million, respectively.

Interest expense on borrowings for the three and nine months ended September 30, 2021 amounted to $1.8 million and $7.1 million, respectively. Interest expense on borrowings for the three and nine months ended September 30, 2020 amounted to $3.9 million and $13.1 million, respectively.

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Components of Net Periodic Benefit Cost

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial.

In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006.

Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 and 2020 includes the following components (in thousands):

	Three months ended September 30,					Nine months ended September 30,
	Pension benefits			Other post-retirement benefits		Pension benefits			Other post-retirement benefits
	2021		2020	2021	2020	2021		2020	2021	2020
Service cost	$	—	—	8	19	$	—	—	26	59
Interest cost	198		250	106	178	594		750	318	534
Expected return on plan assets	(807)		(737)	—	—	(2,421)		(2,211)	—	—
Amortization of prior service cost	—		—	—	—	—		—	—	—
Amortization of the net loss (gain)	118		174	(267)	(62)	354		522	(803)	(186)
Net periodic (decrease) increase in benefit cost	$	(491)	(313)	(153)	135	$	(1,473)	(939)	(459)	407

In its consolidated financial statements for the year ended December 31, 2020, the Company previously disclosed that it does not expect to contribute to the pension plan in 2021. As of September 30, 2021, no contributions have been made to the pension plan.

The net periodic (decrease) increase in benefit cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 were calculated using the January 1, 2021 pension and other post-retirement benefits actuarial valuations.

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Impact of Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Impact of Recent Accounting Pronouncements	Impact of Recent Accounting PronouncementsAccounting Pronouncements Not Yet AdoptedASU 2020-04, "Reference Rate Reform (Topic 848)" ("ASU 2020-04") provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or re-measurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company anticipates this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than the extinguishment of the old contract resulting in writing off unamortized fees/costs. In addition, in January 2021 the FASB issued ASU No. 2021-01 “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The Company is evaluating the impacts of this guidance and has not determined whether LIBOR transition and this guidance will have material effects on the Company's business operations and consolidated financial statements.

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Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

9 Months Ended

Sep. 30, 2021

Credit Loss [Abstract]

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. This new methodology applies to off-balance sheet credit exposures, including loan commitments and lines of credit. The adoption of this new standard resulted in the Company recording a $3.2 million increase to the allowance for credit losses on off-balance sheet credit exposures with a corresponding cumulative effect adjustment to decrease retained earnings $2.4 million, net of income taxes.

Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses.

The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure	$	3,206	—	3,206

For the three and nine months ended September 30, 2021, the Company recorded a $980,000 and $2.2 million provision for credit losses for off-balance sheet credit exposures, respectively. For the three and nine months ended September 30, 2020, the Company recorded a $575,000 negative provision for credit losses for off-balance sheet credit exposures and a $5.7 million provision for credit losses for off-balance sheet credit exposures, respectively. The increase for the three months ended September 30, 2021, compared to the prior year was primarily a function of an increase in the pipeline of loans that have been approved and awaiting closing, partially offset by an improved economic forecast resulting in a decline in projected loss factors. The decrease for the nine months ended September 30, 2021, compared to the prior year was primarily a function of an improved economic forecast resulting in a decline in projected loss factors, partially offset by an increase in the pipeline of loans that have been approved and awaiting closing.

The allowance for credit losses for off-balance sheet credit exposures was $7.2 million and $5.0 million at September 30, 2021 and December 31, 2020, respectively, and are included in other liabilities on the Consolidated Statements of Financial Condition.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, Management utilizes various valuation techniques to estimate fair value.

Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument.

GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1:	Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2:	Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3:	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of September 30, 2021 and December 31, 2020.

Available for Sale Debt Securities, at Fair Value

For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As Management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, Management compares the prices received from the pricing service to a secondary pricing source. Additionally, Management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in an adjustment in the prices obtained from the pricing service.

Equity Securities, at Fair Value

The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs.

Derivatives

The Company records all derivatives on the statements of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan related transaction which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings.

The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.

Assets Measured at Fair Value on a Non-Recurring Basis

The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of September 30, 2021 and December 31, 2020.

Collateral-Dependent Impaired Loans

For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 5% and 10%. Management classifies these loans as Level 3 within the fair value hierarchy.

Foreclosed Assets

Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for credit losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred.

There were no changes to the valuation techniques for fair value measurements as of September 30, 2021 and December 31, 2020.

The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands):

	Fair Value Measurements at Reporting Date Using:
	September 30, 2021		Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations	$	99,522	99,522	—	—
Mortgage-backed securities	1,663,061		—	1,663,061	—
Asset-backed securities	47,880		—	47,880	—
State and municipal obligations	69,484		—	69,484	—
Corporate obligations	38,526		—	38,526	—
Total available for sale debt securities	1,918,473		99,522	1,818,951	—
Equity securities	1,267		1,267	—	—
Derivative assets	76,223		—	76,223	—
	$	1,995,963	100,789	1,895,174	—
Derivative liabilities	$	77,039	—	77,039	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	31,747	—	—	31,747
Foreclosed assets	1,619		—	—	1,619
	$	33,366	—	—	33,366

	Fair Value Measurements at Reporting Date Using:
	December 31, 2020		Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
Agency obligations	$	1,009	1,009	—	—
Mortgage-backed securities	938,413		—	938,413	—
Asset-backed securities	53,830		—	53,830	—
State and municipal obligations	71,258		—	71,258	—
Corporate obligations	40,979		—	40,979	—
Total available for sale debt securities	1,105,489		1,009	1,104,480	—
Equity Securities	971		971	—	—
Derivative assets	101,079		—	101,079	—
	$	1,207,539	1,980	1,205,559	—
Derivative liabilities	$	109,148	—	109,148	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	26,250	—	—	26,250
Foreclosed assets	4,475		—	—	4,475
	$	30,725	—	—	30,725

There were no transfers between Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2021.

Other Fair Value Disclosures

The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities.

Cash and Cash Equivalents

For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. Included in cash and cash equivalents at September 30, 2021 and December 31, 2020 was $47.6 million and $114.3 million, respectively, representing cash collateral pledged to secure loan level swaps and reserves required by banking regulations.

Held to Maturity Debt Securities

For held to maturity debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. Management evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy.

Federal Home Loan Bank of New York ("FHLBNY") Stock

The carrying value of FHLBNY stock is its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy.

Loans

Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date (i.e. exit pricing). The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3.

The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3.

Deposits

The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2.

Borrowed Funds

The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy.

Commitments to Extend Credit and Letters of Credit

The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The Company classifies these commitments as Level 3 within the fair value hierarchy.

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments.

Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

The following tables present the Company’s financial instruments at their carrying and fair values as of September 30, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy.

			Fair Value Measurements at September 30, 2021 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	505,289	505,289	505,289	—	—
Available for sale debt securities:
U.S. Treasury obligations	99,522		99,522	99,522	—	—
Agency obligations	—		—	—	—	—
Mortgage-backed securities	1,663,061		1,663,061	—	1,663,061	—
Asset-backed securities	47,880		47,880		47,880
State and municipal obligations	69,484		69,484	—	69,484	—
Corporate obligations	38,526		38,526	—	38,526	—
Total available for sale debt securities	$	1,918,473	1,918,473	99,522	1,818,951	—
Held to maturity debt securities, net of allowance for credit losses:
Agency obligations	9,996		9,942	9,942	—	—
Mortgage-backed securities	29		30	—	30	—
State and municipal obligations	407,397		422,320	—	422,320	—
Corporate obligations	9,617		9,596	—	9,596	—
Total held to maturity debt securities, net of allowance for credit losses	$	427,039	441,888	9,942	431,946	—
FHLBNY stock	34,044		34,044	34,044	—	—
Equity Securities	1,267		1,267	1,267	—	—
Loans, net of allowance for credit losses	9,474,567		9,630,317	—	—	9,630,317
Derivative assets	76,223		76,223	—	76,223	—
Financial liabilities:
Deposits other than certificates of deposits	$	10,056,117	10,056,117	10,056,117	—	—
Certificates of deposit	780,504		782,364	—	782,364	—
Total deposits	$	10,836,621	10,838,481	10,056,117	782,364	—
Borrowings	617,375		619,821	—	619,821	—
Subordinated debentures	25,249		29,548	—	29,548	—
Derivative liabilities	77,039		77,039	—	77,039	—

			Fair Value Measurements at December 31, 2020 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	532,353	532,353	532,353	—	—
Available for sale debt securities:
U.S. Treasury obligations			—	—	—	—
Agency obligations	1,009		1,009	1,009	—	—
Mortgage-backed securities	938,413		938,413	—	938,413	—
Asset-backed securities	53,830		53,830		53,830
State and municipal obligations	71,258		71,258	—	71,258	—
Corporate obligations	40,979		40,979	—	40,979	—
Total available for sale debt securities	$	1,105,489	1,105,489	1,009	1,104,480	—
Held to maturity debt securities:
Agency obligations	$	7,600	7,601	7,601	—	—
Mortgage-backed securities	62		64	—	64	—
State and municipal obligations	433,589		455,039	—	455,039	—
Corporate obligations	9,714		9,825	—	9,825	—
Total held to maturity debt securities	$	450,965	472,529	7,601	464,928	—
FHLBNY stock	59,489		59,489	59,489	—	—
Equity Securities	971		971	971	—	—
Loans, net of allowance for credit losses	9,721,424		9,969,330	—	—	9,969,330
Derivative assets	101,079		101,079	—	101,079	—
Financial liabilities:
Deposits other than certificates of deposits	$	8,743,655	8,743,655	8,743,655	—	—
Certificates of deposit	1,094,174		1,097,993	—	1,097,993	—
Total deposits	$	9,837,829	9,841,648	8,743,655	1,097,993	—
Borrowings	1,175,972		1,193,024	—	1,193,024	—
Subordinated Debt	25,135		24,375	—	24,375	—
Derivative liabilities	109,148		109,148	—	109,148	—

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Other Comprehensive Income

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Other Comprehensive Income

Other Comprehensive Income

The following table presents the components of other comprehensive income, both gross and net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three months ended September 30,
	2021				2020
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$	(10,765)	2,775	(7,990)	(578)	150	(428)
Reclassification adjustment for gains included in net income	—		—	—	—	—	—
Total	(10,765)		2,775	(7,990)	(578)	150	(428)
Unrealized gains on derivatives (cash flow hedges)	2,382		(614)	1,768	1,186	(306)	880
Amortization related to post-retirement obligations	(138)		35	(103)	115	(30)	85
Total other comprehensive (loss) income	$	(8,521)	2,196	(6,325)	723	(186)	537

	Nine months ended September 30,
	2021				2020
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$	(19,630)	5,061	(14,569)	20,733	(5,345)	15,388
Reclassification adjustment for gains included in net income	(230)		59	(171)	—	—	—
Total	(19,860)		5,120	(14,740)	20,733	(5,345)	15,388
Unrealized gains ( losses) on derivatives (cash flow hedges)	6,959		(1,794)	5,165	(8,242)	2,125	(6,117)
Amortization related to post-retirement obligations	(435)		112	(323)	322	(83)	239
Total other comprehensive (loss) income	$	(13,336)	3,438	(9,898)	12,813	(3,303)	9,510

The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax for the three months ended September 30,
	2021					2020
	Unrealized Gains (Losses) on Available for Sale Debt Securities		Post- Retirement Obligations	Unrealized (Losses) Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains on  Available for Sale Debt Securities	Post-  Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive(Loss) Income
Balance at June 30,	$	16,940	(1,301)	(1,557)	14,082	24,562	(5,086)	(6,682)	12,794
Current - period other comprehensive (loss) income	(7,990)		(103)	1,768	(6,325)	(428)	85	880	537
Balance at September 30,	$	8,950	(1,404)	211	7,757	24,134	(5,001)	(5,802)	13,331

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax for the nine months ended September 30,
	2021					2020
	Unrealized Gains (Losses) on Available for Sale Debt Securities		Post-  Retirement Obligations	Unrealized (Losses) Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains (Losses) on  Available for Sale Debt Securities	Post- Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive(Loss) Income
Balance at December 31,	$	23,690	(1,081)	(4,954)	17,655	8,746	(5,240)	315	3,821
Current - period other comprehensive (loss) income	(14,740)		(323)	5,165	(9,898)	15,388	239	(6,117)	9,510
Balance at September 30,	$	8,950	(1,404)	211	7,757	24,134	(5,001)	(5,802)	13,331

The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the three months ended September 30,			Affected line item in the Consolidated Statement of Income
	2021		2020
Details of AOCI:
Post-retirement obligations:
Amortization of actuarial (losses) gains	$	(149)	112	Compensation and employee benefits (1)
	38		(27)	Income tax expense
Total reclassification	$	(111)	85	Net of tax

	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the nine months ended September 30,			Affected line item in the Consolidated Statement of Income
	2021		2020
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale	$	(230)	—	Net gain on securities transactions
	59		—	Income tax expense
	(171)		—	Net of tax
Post-retirement obligations:
Amortization of actuarial (losses) gains	$	(449)	336	Compensation and employee benefits (1)
	119		(97)	Income tax expense
Total reclassification	$	(330)	239	Net of tax

(1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost.

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Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

Derivative and Hedging Activities

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities.

Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualified commercial borrowers in loan related transactions which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company may execute interest rate swaps with qualified commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower's commercial real estate financed by the Company. As the Company has not elected to apply hedge accounting and these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At September 30, 2021 and December 31, 2020, the Company had 170 and 172 loan related interest rate swaps, respectively, with aggregate notional amounts of $2.55 billion and $2.63 billion, respectively.

The Company periodically enters into risk participation agreements ("RPAs"), with the Company functioning as either the lead institution, or as a participant when another company is the lead institution on a commercial loan. These RPAs are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPAs, the Company will either receive or make a payment in the event the borrower defaults on the related interest rate contract. The Company has minimum collateral posting thresholds with certain of its risk participation counterparties, and has posted collateral of $650,000 against the potential risk of default by the borrower under these agreements. At September 30, 2021 and December 31, 2020, the Company had 13 credit derivatives, with aggregate notional amounts of $140.7 million and $121.7 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At September 30, 2021 and December 31, 2020, the fair value of these credit derivatives were $106,500 and $97,000, respectively.

Cash Flow Hedges of Interest Rate Risk. The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable payment amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. 

Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2021 and 2020, such derivatives were used to hedge the variable cash outflows associated with borrowings and brokered demand deposits.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings or demand deposits. During the next twelve months, the Company estimates that $3.3 million will be reclassified as an increase to interest expense. As of September 30, 2021, the Company had 14 outstanding interest rate derivatives with an aggregate notional amount of $600.0 million that were each designated as a cash flow hedge of interest rate risk.

The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at September 30, 2021 and December 31, 2020 (in thousands):

	At September 30, 2021
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair  value (1)		Consolidated Statements of Financial Condition	Fair  value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	71,779	Other liabilities	72,947
Credit contracts	Other assets	107		Other liabilities	40
Total derivatives not designated as a hedging instrument		$	71,886		72,987
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	4,337	Other liabilities	4,052
Total derivatives designated as a hedging instrument		$	4,337		4,052

	At December 31, 2020
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair value (1)		Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	107,652	Other liabilities	109,148
Credit contracts	Other assets	97		Other liabilities	—
Total derivatives not designated as a hedging instrument		$	107,749		109,148
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	(6,671)	Other liabilities	—
Total derivatives designated as a hedging instrument		$	(6,671)		—

(1) The fair values related to interest rate products in the above derivative financial instruments tables show the value of assets and liabilities, excluding accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020.

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 (in thousands).

		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	September 30, 2021		September 30, 2020
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	191	26
Credit contracts	Other income	(19)		460
Total		$	172	486
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	1,030	855
Total		$	1,030	855

		Gain (loss) recognized in income on derivatives for the nine months ended
	Consolidated Statements of Income	September 30, 2021		September 30, 2020
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	268	(1,022)
Credit contracts	Other income	28		459
Total		$	296	(563)
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	2,856	875
Total		$	2,856	875

Assets and liabilities relating to certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Statements of Condition and/or subject to enforceable master netting arrangements or similar agreements. The Company does not offset asset and liabilities under such arrangements in the Consolidated Statements of Condition.

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at September 30, 2021 and December 31, 2020 (in thousands).

	Fair Values of Derivative Instruments as of September 30, 2021
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,272,593	Other assets	$	72,511	$	1,272,593	Other liabilities	$	73,679
Credit contracts	47,712		Other assets	107		92,950		Other liabilities	40
Total derivatives not designated as a hedging instrument				72,618					73,719
Derivatives designated as a hedging instrument:
Interest rate products	250,000		Other assets	4,301		350,000		Other liabilities	4,493
Total gross derivative amounts recognized on the balance sheet				76,919					78,212
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	76,919				$	78,212
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	16,195				$	16,195
Cash collateral - institutional counterparties (1)				—					46,895
Net derivatives not offset				$	60,724				$	15,122

	Fair Values of Derivative Instruments as of December 31, 2020
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,316,163	Other assets	$	108,519	$	1,316,163	Other liabilities	$	109,957
Credit contracts	47,745		Other assets	97		73,954		Other liabilities	58
Total derivatives not designated as a hedging instrument				108,616					110,015
Derivatives designated as a hedging instrument:
Interest rate products	175,000		Other assets	498		425,000		Other liabilities	7,582
Total gross derivative amounts recognized on the balance sheet				109,114					117,597
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	109,114				$	117,597
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	928				$	928
Cash collateral - institutional counterparties (1)				—					113,620
Net derivatives not offset				$	108,186				$	3,049

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020.

The Company has agreements with certain of its dealer counterparties which contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be deemed in default on its derivative obligations.

In addition, the Company has agreements with certain of its dealer counterparties which contain a provision that if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.

At September 30, 2021, the Company had four dealer counterparties. The Company had a net liability position with respect to all four of the counterparties. The termination value for this net liability position, which includes accrued interest, was $50.0 million at September 30, 2021. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $46.9 million against its obligations under these agreements. If the Company had breached any of these provisions at September 30, 2021, it could have been required to settle its obligations under the agreements at the termination value.

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Revenue Recognition

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For the three months and nine months ended September 30, 2021, the out-of-scope revenue related to financial instruments was 81.0% and 82.0% of the Company's total revenue, respectively, compared to 81.9% and 83.5% for the three and nine months ended September 30, 2020, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams are generally classified into three categories: wealth management revenue, insurance agency income and banking service charges and other fees.

The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three months ended September 30,			Nine months ended September 30,
	2021		2020	2021	2020
Non-interest income
In-scope of Topic 606:
Wealth management fees	$	7,921	6,847	22,914	19,075
Insurance agency income	2,433		1,711	8,009	1,711
Banking service charges and other fees:
Service charges on deposit accounts	2,910		2,473	7,965	7,520
Debit card and ATM fees	913		1,693	4,789	4,167
Total banking service charges and other fees	3,823		4,166	12,754	11,687
Total in-scope non-interest income	14,177		12,724	43,677	32,473
Total out-of-scope non-interest income	9,185		7,902	22,479	19,509
Total non-interest income	$	23,362	20,626	66,156	51,982

Wealth management fee income represents fees earned from customers as consideration for asset management, investment advisory and trust services. The Company’s performance obligation is generally satisfied monthly and the resulting fees are recognized monthly. The fee is generally based upon the average market value of the assets under management ("AUM") for the month and the applicable fee rate. The monthly accrual of wealth management fees is recorded in other assets on the Company's Consolidated Statements of Financial Condition. Fees are received from the customer on a monthly basis. The Company does not earn performance-based incentives. To a lesser extent, optional services such as tax return preparation and estate settlement are also available to existing customers. The Company’s performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at either a point in time when the service is completed, or in the case of estate settlement, over a relatively short period of time, as each service component is completed.

Insurance agency income, consisting of commissions and fees, is generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments. Profit-sharing contingent commissions are recognized when determinable, which is generally when such commissions are received from insurance companies, or when the Company receives formal notification of the amount of such payments.

Service charges on deposit accounts include overdraft service fees, account analysis fees and other deposit related fees. These fees are generally transaction-based, or time-based services. The Company's performance obligation for these services are generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of transaction, or monthly. Debit card and ATM fees are generally transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at the time of transaction or monthly.

Out-of-scope non-interest income primarily consists of Bank-owned life insurance and net fees on loan level interest rate swaps, along with gains and losses on the sale of loans and foreclosed real estate, loan prepayment fees and loan servicing fees. None of these revenue streams are subject to the requirements of Topic 606.

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Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Leases

The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at September 30, 2021 and December 31, 2020 (in thousands):

	Classification	September 30, 2021		December 31, 2020
Lease Right-of-Use Assets:
Operating lease right-of-use assets	Other assets	$	48,491	$	41,142
Lease Liabilities:
Operating lease liabilities	Other liabilities	$	49,630	$	42,042

The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company considers the first renewal option to be reasonably certain and includes it in the calculation of the right-of use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied.

All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040.

At September 30, 2021, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.1 years and 2.80%, respectively.

The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):

	Three months ended September 30, 2021		Three months ended September 30, 2020
Lease Costs
Operating lease cost	$	2,417	$	2,303
Variable lease cost	728		754
Total lease cost	$	3,145	$	3,057

	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Lease Costs
Operating lease cost	$	7,559	$	6,565
Variable lease cost	2,247		2,085
Total lease cost	$	9,806	$	8,650

Cash paid for amounts included in the measurement of lease liabilities:	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Operating cash flows from operating leases	$	6,861	$	6,528

During the three and nine months ended September 30, 2021, the Company added one new lease obligation related to the Company's new office location in Woodbridge, New Jersey. The Company recorded a right-of-use asset and lease liability of $10.0 million for this lease obligation.

Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021, were as follows (in thousands):

	Operating leases
Twelve months ended:
Remainder of 2021	$	2,081
2022	7,351
2023	7,102
2024	6,720
2025	6,154
Thereafter	27,405
Total future minimum lease payments	56,813
Amounts representing interest	7,183
Present value of net future minimum lease payments	$	49,630

Leases

Leases

The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at September 30, 2021 and December 31, 2020 (in thousands):

	Classification	September 30, 2021		December 31, 2020
Lease Right-of-Use Assets:
Operating lease right-of-use assets	Other assets	$	48,491	$	41,142
Lease Liabilities:
Operating lease liabilities	Other liabilities	$	49,630	$	42,042

The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company considers the first renewal option to be reasonably certain and includes it in the calculation of the right-of use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied.

All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040.

At September 30, 2021, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.1 years and 2.80%, respectively.

The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):

	Three months ended September 30, 2021		Three months ended September 30, 2020
Lease Costs
Operating lease cost	$	2,417	$	2,303
Variable lease cost	728		754
Total lease cost	$	3,145	$	3,057

	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Lease Costs
Operating lease cost	$	7,559	$	6,565
Variable lease cost	2,247		2,085
Total lease cost	$	9,806	$	8,650

Cash paid for amounts included in the measurement of lease liabilities:	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Operating cash flows from operating leases	$	6,861	$	6,528

During the three and nine months ended September 30, 2021, the Company added one new lease obligation related to the Company's new office location in Woodbridge, New Jersey. The Company recorded a right-of-use asset and lease liability of $10.0 million for this lease obligation.

Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021, were as follows (in thousands):

	Operating leases
Twelve months ended:
Remainder of 2021	$	2,081
2022	7,351
2023	7,102
2024	6,720
2025	6,154
Thereafter	27,405
Total future minimum lease payments	56,813
Amounts representing interest	7,183
Present value of net future minimum lease payments	$	49,630

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Financial Statement Presentation

Basis of Financial Statement Presentation

The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”).

In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change.

The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021.

Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.

Loans Receivable and Allowance for Credit Losses

Loans Receivable and Allowance for Credit Losses

On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with the current expected credit loss methodology (“CECL”). The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL.

Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses on loans will be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and nine months ended September 30, 2021, the improved economic outlook and the resulting lower allowance requirements led to reductions to the provisions for credit losses and off-balance sheet credit exposures. See Note 4 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans.

Goodwill

GoodwillGoodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of July 1, 2021. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted.

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands, except per share amounts):

	Three months ended September 30,
	2021					2020
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	37,268				$	27,143
Basic earnings per share:
Income available to common stockholders	$	37,268	76,604,653	$	0.49	$	27,143	72,519,123	$	0.37
Dilutive shares			80,553					85,175
Diluted earnings per share:
Income available to common stockholders	$	37,268	76,685,206	$	0.49	$	27,143	72,604,298	$	0.37

	Nine months ended September 30,
	2021					2020
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	130,618				$	56,384
Basic earnings per share:
Income available to common stockholders	$	130,618	76,588,549	$	1.71	$	56,384	67,093,442	$	0.84
Dilutive shares			85,014					80,434
Diluted earnings per share:
Income available to common stockholders	$	130,618	76,673,563	$	1.70	$	56,384	67,173,876	$	0.84

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Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Estimated Fair Vales of Assets and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One, net of cash consideration paid (in thousands):

	At July 31, 2020
Assets acquired:
Cash and cash equivalents, net	$	78,089
Available for sale debt securities	231,645
Held to maturity debt securities	12,381
Federal Home Loan Bank stock	11,216
Loans	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Loans, net	1,752,529
Bank-owned life insurance	37,237
Banking premises and equipment	16,620
Accrued interest receivable	8,947
Goodwill	22,439
Other intangibles assets	9,965
Foreclosed assets, net	2,441
Other assets	12,199
Total assets acquired	$	2,195,708
Liabilities assumed:
Deposits	1,757,777
Borrowed funds	201,582
Subordinated debentures	25,074
Other liabilities	30,447
Total liabilities assumed	$	2,014,880
Net assets acquired	$	180,828

Schedule of Fair Value of Loans Acquired in Acquisition

The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands):

Gross amortized cost basis at July 31, 2020	$	1,787,057
Interest rate fair value adjustment on all loans	455
Credit fair value adjustment on non-PCD loans	(21,397)
Fair value of acquired loans at July 31, 2020	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Fair value of acquired loans at July 31, 2020	$	1,752,529

The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Fair value of PCD loans	307,796
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
U.S. Treasury obligations	$	99,463	184	(125)	99,522
Mortgage-backed securities	1,653,880		20,628	(11,447)	1,663,061
Asset-backed securities	45,989		1,891	—	47,880
State and municipal obligations	68,950		681	(147)	69,484
Corporate obligations	38,131		531	(136)	38,526
	$	1,906,413	23,915	(11,855)	1,918,473

	December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	1,001	8	—	1,009
Mortgage-backed securities	910,393		28,872	(852)	938,413
Asset-backed securities	52,295		1,535	—	53,830
State and municipal obligations	69,687		1,666	(95)	71,258
Corporate obligations	40,194		809	(24)	40,979
	$	1,073,570	32,890	(971)	1,105,489

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of available for sale debt securities at September 30, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	September 30, 2021
	Amortized cost		Fair value
Due in one year or less	$	—	—
Due after one year through five years	56,536		56,576
Due after five years through ten years	84,512		84,999
Due after ten years	65,496		65,957
	$	206,544	207,532

The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at September 30, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	September 30, 2021
	Amortized cost		Fair value
Due in one year or less	$	—	—
Due after one year through five years	160,344		163,784
Due after five years through ten years	201,125		211,120
Due after ten years	65,583		66,954
	$	427,052	441,858

Available for sale Debt Securities with Temporary Impairment

The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
U.S. Treasury obligations	$	49,596	(125)	—	—	49,596	(125)
Mortgage-backed securities	940,975		(11,447)	33	—	941,008	(11,447)
State and municipal obligations	24,846		(147)	—	—	24,846	(147)
Corporate obligations	6,710		(136)	—	—	6,710	(136)
	$	1,022,127	(11,855)	33	—	1,022,160	(11,855)

	December 31, 2020
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Mortgage-backed securities	$	127,600	(824)	8,007	(28)	135,607	(852)
State and municipal obligations	5,275		(95)	—	—	5,275	(95)
Corporate obligations	—		—	2,000	(24)	2,000	(24)
	$	132,875	(919)	10,007	(52)	142,882	(971)

Investment Securities Held to Maturity

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	9,996	—	(54)	9,942
Mortgage-backed securities	29		1	—	30
State and municipal obligations	407,424		15,485	(589)	422,320
Corporate obligations	9,632		34	(70)	9,596
	$	427,081	15,520	(713)	441,888

At September 30, 2021, the allowance for credit losses on held to maturity debt securities totaled $42,000.

	December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value
Agency obligations	$	7,600	6	(5)	7,601
Mortgage-backed securities	62		2	—	64
State and municipal obligations	433,655		21,442	(58)	455,039
Corporate obligations	9,726		101	(2)	9,825
	$	451,043	21,551	(65)	472,529

Schedule of Impact of ASC 326

The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities	$	6	—	6
Allowance for credit losses on municipal securities	64		—	64
Allowance for credit losses on held to maturity debt securities	$	70	—	70

The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Loans
Residential	$	8,950	3,414	5,536
Commercial	17,118		12,831	4,287
Multi-family	9,519		3,374	6,145
Construction	4,152		5,892	(1,740)
Total mortgage loans	39,739		25,511	14,228
Commercial loans	18,254		28,263	(10,009)
Consumer loans	5,452		1,751	3,701
Allowance for credit losses on loans	$	63,445	55,525	7,920

The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure	$	3,206	—	3,206

Schedule of Unrealized Loss on Investments

The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021 Unrealized Losses
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Agency obligations	$	9,942	(54)	—	—	9,942	(54)
State and municipal obligations	31,291		(519)	2,077	(70)	33,368	(589)
Corporate obligations	7,221		(70)	—	—	7,221	(70)
	$	48,454	(643)	2,077	(70)	50,531	(713)

	December 31, 2020 Unrealized Losses
	Less than 12 months			12 months or longer		Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses
Agency obligations	$	1,995	(5)	—	—	1,995	(5)
State and municipal obligations	4,846		(41)	406	(17)	5,252	(58)
Corporate obligations	786		(2)	—	—	786	(2)
	$	7,627	(48)	406	(17)	8,033	(65)

Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating

The following table provides the amortized cost of held to maturity debt securities by credit rating as of September 30, 2021 (in thousands):

	September 30, 2021
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total
Agency obligations	$	9,996	—	—	—	—	9,996
Mortgage-backed securities	29		—	—	—	—	29
State and municipal obligations	48,348		309,708	48,057	655	656	407,424
Corporate obligations	—		2,621	6,986	—	25	9,632
	$	58,373	312,329	55,043	655	681	427,081
	December 31, 2020
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total
Agency obligations	$	7,600	—	—	—	—	7,600
Mortgage-backed securities	62		—	—	—	—	62
State and municipal obligations	57,830		311,155	53,302	1,115	10,253	433,655
Corporate obligations	—		3,255	6,446	—	25	9,726
	$	65,492	314,410	59,748	1,115	10,278	451,043

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Loans Receivable and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Summarized Loans Receivable

Loans receivable at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Mortgage loans:
Residential	$	1,230,018	1,294,702
Commercial	3,704,684		3,458,666
Multi-family	1,379,773		1,484,515
Construction	685,792		541,939
Total mortgage loans	7,000,267		6,779,822
Commercial loans	2,234,020		2,567,470
Consumer loans	333,741		492,566
Total gross loans	9,568,028		9,839,858
Premiums on purchased loans	1,313		1,566
Unearned discounts	(6)		(12)
Net deferred fees	(14,735)		(18,522)
Total loans	$	9,554,600	9,822,890

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands):

	September 30, 2021
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Residential	$	4,667	2,177	7,263	—	14,107	1,215,911	1,230,018	7,263
Commercial	843		—	32,619	—	33,462	3,671,222	3,704,684	22,617
Multi-family	250		—	439	—	689	1,379,084	1,379,773	439
Construction	—		—	2,967	—	2,967	682,825	685,792	2,967
Total mortgage loans	5,760		2,177	43,288	—	51,225	6,949,042	7,000,267	33,286
Commercial loans	1,668		1,028	21,434	—	24,130	2,209,890	2,234,020	15,159
Consumer loans	2,129		—	1,479	—	3,608	330,133	333,741	1,479
Total gross loans	$	9,557	3,205	66,201	—	78,963	9,489,065	9,568,028	49,924

	December 31, 2020
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Residential	$	15,789	8,852	9,315	—	33,956	1,260,746	1,294,702	9,315
Commercial	761		113	31,982	—	32,856	3,425,810	3,458,666	20,482
Multi-family	206		585	—	—	791	1,483,724	1,484,515	—
Construction	—		—	1,392	—	1,392	540,547	541,939	1,392
Total mortgage loans	16,756		9,550	42,689	—	68,995	6,710,827	6,779,822	31,189
Commercial loans	1,658		1,179	42,118	—	44,955	2,522,515	2,567,470	15,541
Consumer loans	4,348		4,519	2,283	—	11,150	481,416	492,566	2,283
Total gross loans	$	22,762	15,248	87,090	—	125,100	9,714,758	9,839,858	49,013

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):

Three months ended September 30,	Mortgage loans		Commercial loans	Consumer loans	Total
2021
Balance at beginning of period	$	55,469	21,262	4,228	80,959
Provision charge (benefit) to operations	626		963	(589)	1,000
Recoveries of loans previously charged-off	71		336	140	547
Loans charged-off	(2,110)		(263)	(100)	(2,473)
Balance at end of period	$	54,056	22,298	3,679	80,033
2020
Balance at beginning of period	$	54,871	25,284	6,104	86,259
Provision charge to operations	2,922		2,767	722	6,411
Initial allowance on credit loans related to PCD loans	11,984		1,582	20	13,586
Recoveries of loans previously charged-off	35		679	144	858
Loans charged-off	(22)		(727)	(51)	(800)
Balance at end of period	$	69,790	29,585	6,939	106,314

Nine months ended September 30,	Mortgage loans		Commercial loans	Consumer loans	Total
2021
Balance at beginning of period	$	68,307	27,084	6,075	101,466
Provision benefit to operations	(11,760)		(10,319)	(2,621)	(24,700)
Recoveries of loans previously charged-off	538		6,654	640	7,832
Loans charged-off	(3,029)		(1,121)	(415)	(4,565)
Balance at end of period	$	54,056	22,298	3,679	80,033
2020
Balance at beginning of period	$	25,511	28,263	1,751	55,525
Provision charge to operations	17,987		12,672	1,352	32,011
Initial allowance on credit loans related to PCD loans	11,984		1,582	20	13,586
Recoveries of loans previously charged-off	143		1,597	370	2,110
Increase (decrease) due to initial CECL adoption - retained earnings	14,188		(9,974)	3,706	7,920
Loans charged-off	(23)		(4,555)	(260)	(4,838)
Balance at end of period	$	69,790	29,585	6,939	106,314

The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands):

	September 30, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	1,574	3,604	57	5,235
Collectively evaluated for impairment	52,482		18,694	3,622	74,798
Total gross loans	$	54,056	22,298	3,679	80,033

	December 31, 2020
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	4,220	4,715	39	8,974
Collectively evaluated for impairment	64,087		22,369	6,036	92,492
Total gross loans	$	68,307	27,084	6,075	101,466

Schedule of Impact of ASC 326

The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities	$	6	—	6
Allowance for credit losses on municipal securities	64		—	64
Allowance for credit losses on held to maturity debt securities	$	70	—	70

The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Loans
Residential	$	8,950	3,414	5,536
Commercial	17,118		12,831	4,287
Multi-family	9,519		3,374	6,145
Construction	4,152		5,892	(1,740)
Total mortgage loans	39,739		25,511	14,228
Commercial loans	18,254		28,263	(10,009)
Consumer loans	5,452		1,751	3,701
Allowance for credit losses on loans	$	63,445	55,525	7,920

The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure	$	3,206	—	3,206

Summary of Loans Receivable by Portfolio Segment and Impairment Method

The following tables summarize loans receivable by portfolio segment and impairment method (in thousands):

	September 30, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	50,577	16,177	1,284	68,038
Collectively evaluated for impairment	6,949,690		2,217,843	332,457	9,499,990
Total gross loans	$	7,000,267	2,234,020	333,741	9,568,028

	December 31, 2020
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	48,783	35,832	1,431	86,046
Collectively evaluated for impairment	6,731,039		2,531,638	491,135	9,753,812
Total gross loans	$	6,779,822	2,567,470	492,566	9,839,858

Schedule of Troubled Debt Restructuring

The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020, along with their balances immediately prior to the modification date and post-modification as of September 30, 2021 and 2020 (in thousands):

	For the three months ended
	September 30, 2021					September 30, 2020
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
Mortgage loans:
Residential	2	$	375	$	369	1	$	91	$	79
Total mortgage loans	2	375		369		1	91		79
Commercial loans	—	—		—		1	1,399		1,399
Total restructured loans	2	$	375	$	369	2	$	1,490	$	1,478

	For the nine months ended
	September 30, 2021					September 30, 2020
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment		Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
Mortgage loans:
Residential	3	$	546	$	538	2	$	434	$	360
Total mortgage loans	3	546		538		2	434		360
Commercial loans	4	2,940		2,318		5	2,882		2,791
Total restructured loans	7	$	3,486	$	2,856	7	$	3,316	$	3,151

Schedule of Fair Value of Loans Acquired in Acquisition

The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands):

Gross amortized cost basis at July 31, 2020	$	1,787,057
Interest rate fair value adjustment on all loans	455
Credit fair value adjustment on non-PCD loans	(21,397)
Fair value of acquired loans at July 31, 2020	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Fair value of acquired loans at July 31, 2020	$	1,752,529

The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands):

Gross amortized cost basis at July 31, 2020	$	315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Fair value of PCD loans	307,796
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$	294,210

Summary of Impaired Loans Receivable by Class

The following table presents loans individually evaluated for impairment by class and loan category (in thousands):

	September 30, 2021						December 31, 2020
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance	Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	12,088	9,447	—	9,588	331	13,981	11,380	—	11,587	511
Commercial	26,407		20,277	—	23,012	65	17,414	17,414	—	16,026	60
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	2,200		2,190	—	2,148	30	—	—	—	—	—
Total	40,695		31,914	—	34,748	426	31,395	28,794	—	27,613	571
Commercial loans	9,989		7,461	—	7,760	26	15,895	14,009	—	12,791	46
Consumer loans	1,412		880	—	909	53	1,382	880	—	7	50
Total impaired loans	$	52,096	40,255	—	43,417	505	48,672	43,683	—	40,411	667
Loans with an allowance recorded
Mortgage loans:
Residential	$	8,113	7,781	860	7,855	198	7,950	7,506	806	7,604	307
Commercial	11,288		10,882	714	11,098	36	14,993	12,483	3,414	123	570
Multi-family	—		—	—	—	—	—	—	—	—	—
Total	19,401		18,663	1,574	18,953	234	22,943	19,989	4,220	7,727	877
Commercial loans	9,614		8,716	3,604	12,198	221	24,947	21,823	4,715	18,620	311
Consumer loans	423		404	57	411	14	565	551	39	5	20
Total impaired loans	$	29,438	27,783	5,235	31,562	469	48,455	42,363	8,974	26,352	1,208
Total impaired loans
Mortgage loans:
Residential	$	20,201	17,228	860	17,443	529	21,931	18,886	806	19,191	818
Commercial	37,695		31,159	714	34,110	101	32,407	29,897	3,414	16,149	630
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	2,200		2,190	—	2,148	30	—	—	—	—	—
Total	60,096		50,577	1,574	53,701	660	54,338	48,783	4,220	35,340	1,448
Commercial loans	19,603		16,177	3,604	19,958	247	40,842	35,832	4,715	31,411	357
Consumer loans	1,835		1,284	57	1,320	67	1,947	1,431	39	12	70
Total impaired loans	$	81,534	68,038	5,235	74,979	974	97,127	86,046	8,974	66,763	1,875

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2021 and December 31, 2020 (in thousands):

	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	1,211	589	—	—	1,800
Substandard	—		—	—	280	483	10,131	—	—	10,894
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	280	1,694	10,720	—	—	12,694
Pass/Watch	199,446		246,325	121,486	70,897	77,692	501,478	—	—	1,217,324
Total residential	$	199,446	246,325	121,486	71,177	79,386	512,198	—	—	1,230,018
Commercial Mortgage
Special mention	$	—	1,797	30,621	28,757	23,089	42,003	1,094	—	127,361
Substandard	—		—	21	27,507	8,234	54,097	926	—	90,785
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,797	30,642	56,264	31,323	96,100	2,019	—	218,145
Pass/Watch	444,371		596,262	597,957	327,684	424,605	979,094	90,511	26,055	3,486,539
Total commercial mortgage	$	444,371	598,059	628,599	383,948	455,928	1,075,194	92,530	26,055	3,704,684
Multi-family
Special mention	$	—	—	673	—	3,072	279	—	—	4,024
Substandard	—		439	1,156	—	—	1,422	—	—	3,017
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		439	1,829	—	3,072	1,701	—	—	7,041
Pass/Watch	74,438		303,340	175,132	192,255	138,762	484,289	2,894	1,622	1,372,732
Total multi-family	$	74,438	303,779	176,961	192,255	141,834	485,990	2,894	1,622	1,379,773

	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Construction
Special mention	$	—	1,975	17,622	—	7,300	—	—	—	26,897
Substandard	—		—	—	2,967	—	—	—	—	2,967
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,975	17,622	2,967	7,300	—	—	—	29,864
Pass/Watch	114,736		156,051	252,329	124,346	2,110	418	—	5,938	655,928
Total construction	$	114,736	158,026	269,951	127,313	9,410	418	—	5,938	685,792
Total Mortgage
Special mention	$	—	3,772	48,916	28,757	34,672	42,871	1,094	—	160,082
Substandard	—		439	1,177	30,754	8,717	65,650	926	—	107,663
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		4,211	50,093	59,511	43,389	108,521	2,019	—	267,744
Pass/Watch	832,991		1,301,978	1,146,904	715,182	643,169	1,965,279	93,405	33,615	6,732,523
Total Mortgage	$	832,991	1,306,189	1,196,997	774,693	686,558	2,073,800	95,424	33,615	7,000,267
Commercial
Special mention	$	1,980	2,818	3,839	3,331	21,391	41,325	3,210	3,465	81,359
Substandard	—		89	7,024	5,956	16,050	67,708	20,403	2,534	119,764
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,980		2,907	10,863	9,287	37,441	109,033	23,613	5,999	201,122
Pass/Watch	397,519		228,692	182,346	170,359	147,442	514,271	350,255	42,013	2,032,897
Total commercial	$	399,499	231,599	193,209	179,646	184,883	623,304	373,868	48,011	2,234,020
Consumer (1)
Special mention	$	—	—	—	—	—	—	—	—	—
Substandard	—		—	17	119	80	1,117	7	63	1,403
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	17	119	80	1,117	7	63	1,403
Pass/Watch	19,260		5,721	26,796	22,511	16,842	106,577	117,533	17,098	332,339
Total consumer	$	19,260	5,721	26,813	22,630	16,922	107,694	117,540	17,162	333,741
Total Loans
Special mention	$	1,980	6,590	52,755	32,088	56,063	84,196	4,304	3,465	241,440
Substandard	—		528	8,218	36,829	24,847	134,475	21,335	2,597	228,829
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—

	Gross Loans Held by Investment by Year of Origination at September 30, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Total criticized and classified	1,980		7,118	60,973	68,917	80,910	218,671	25,639	6,062	470,270
Pass/Watch	1,249,770		1,536,391	1,356,046	908,052	807,453	2,586,127	561,193	92,727	9,097,759
Total gross loans	$	1,251,750	1,543,509	1,417,019	976,969	888,363	2,804,798	586,832	98,788	9,568,028

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	123	2,759	—	—	2,882
Substandard	164		3,375	1,669	2,221	2,184	17,039	—	—	26,652
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	164		3,375	1,669	2,221	2,307	19,798	—	—	29,534
Pass/Watch	271,858		152,117	93,588	101,943	119,563	526,099	—	—	1,265,168
Total residential	$	272,022	155,492	95,257	104,164	121,870	545,897	—	—	1,294,702
Commercial Mortgage
Special mention	$	—	29,268	33,446	22,838	3,041	34,992	—	1,045	124,630
Substandard	—		1,905	3,687	21,095	10,185	61,441	—	—	98,313
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		31,173	37,133	43,933	13,226	96,433	—	1,045	222,943
Pass/Watch	596,364		600,904	395,280	432,590	302,034	809,779	68,650	30,122	3,235,723
Total commercial mortgage	$	596,364	632,077	432,413	476,523	315,260	906,212	68,650	31,167	3,458,666
Multi-family
Special mention	$	—	682	19,837	3,117	5,558	300	—	288	29,782
Substandard	—		—	—	—	—	1,568	—	—	1,568
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		682	19,837	3,117	5,558	1,868	—	288	31,350
Pass/Watch	291,995		180,271	187,880	169,310	131,297	486,649	3,418	2,346	1,453,165
Total multi-family	$	291,995	180,953	207,717	172,427	136,855	488,517	3,418	2,633	1,484,515
Construction
Special mention	$	1,991	14,508	7,877	—	—	—	—	—	24,376
Substandard	—		—	4,309	615	—	—	—	—	4,924

	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,991		14,508	12,186	615	—	—	—	—	29,300
Pass/Watch	88,777		236,021	138,190	43,224	1,568	512	—	4,347	512,639
Total construction	$	90,768	250,529	150,376	43,839	1,568	512	—	4,347	541,939
Total Mortgage
Special mention	$	1,991	44,458	61,160	25,955	8,722	38,051	—	1,333	181,670
Substandard	164		5,280	9,665	23,931	12,369	80,048	—	—	131,457
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	2,155		49,738	70,825	49,886	21,091	118,099	—	1,333	313,127
Pass/Watch	1,248,994		1,169,313	814,938	747,067	554,462	1,823,039	72,067	36,815	6,466,695
Total Mortgage	$	1,251,149	1,219,051	885,763	796,953	575,553	1,941,138	72,067	38,148	6,779,822
Commercial
Special mention	$	—	6,295	6,038	27,251	9,779	81,355	22,745	3,617	157,080
Substandard	—		7,324	2,527	16,139	40,512	41,831	16,738	2,018	127,090
Doubtful	—		—	—	—	—	—	52	—	52
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		13,619	8,565	43,390	50,291	123,186	39,536	5,635	284,222
Pass/Watch	695,125		207,400	205,892	179,068	141,925	415,729	397,408	40,700	2,283,247
Total commercial	$	695,125	221,019	214,457	222,458	192,216	538,915	436,944	46,335	2,567,470
Consumer (1)
Special mention	$	—	3	—	70	28	299	1,304	163	1,867
Substandard	25		49	14	—	2,912	1,230	1,236	1,278	6,744
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	25		52	14	70	2,940	1,529	2,540	1,441	8,611
Pass/Watch	12,746		50,605	54,962	45,698	25,539	143,685	135,839	14,881	483,955
Total consumer	$	12,771	50,657	54,976	45,768	28,479	145,214	138,378	16,323	492,566
Total Loans
Special mention	$	1,991	50,756	67,198	53,276	18,529	119,705	24,049	5,113	340,617
Substandard	189		12,653	12,206	40,070	55,793	123,109	17,975	3,296	265,291
Doubtful	—		—	—	—	—	—	52	—	52
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	2,180		63,409	79,404	93,346	74,322	242,814	42,076	8,410	605,960

	Gross Loans Held by Investment by Year of Origination at December 31, 2020
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Pass/Watch	1,956,865		1,427,318	1,075,792	971,833	721,926	2,382,453	605,314	92,396	9,233,898
Total gross loans	$	1,959,045	1,490,727	1,155,196	1,065,179	796,248	2,625,267	647,390	100,806	9,839,858

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

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Deposits (Tables)

9 Months Ended

Sep. 30, 2021

Banking and Thrift, Other Disclosures [Abstract]

Schedule of Deposits

Deposits at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Savings	$	1,428,630	1,348,147
Money market	2,461,688		2,245,412
NOW	3,558,816		2,808,637
Non-interest bearing	2,606,983		2,341,459
Certificates of deposit	780,504		1,094,174
Total deposits	$	10,836,621	9,837,829

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Borrowed Funds (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Borrowed Funds

Borrowed funds at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):

	September 30, 2021		December 31, 2020
Securities sold under repurchase agreements	$	114,004	99,936
FHLB line of credit	—		25,000
FHLB advances	503,371		1,051,036
Total borrowed funds	$	617,375	1,175,972

Scheduled Maturities of FHLB Advances

Scheduled maturities of FHLB advances at September 30, 2021 are as follows (in thousands):

	2021
Due in one year or less	$	347,623
Due after one year through two years	58,589
Due after two years through three years	22,899
Due after three years through four years	74,260
Due after four years through five years	—
Thereafter	—
Total FHLB advances	$	503,371

Scheduled Maturities of Sold Under Repurchase Agreements

Scheduled maturities of securities sold under repurchase agreements at September 30, 2021 are as follows (in thousands):

	2021
Due in one year or less	$	114,004
Due after one year through two years	—
Due after two years through three years	—
Due after three years through four years	—
Due after four years through five years	—
Thereafter	—
Total securities sold under repurchase agreements	$	114,004

Debt Disclosure by Year

The following tables set forth certain information as to borrowed funds for the periods ended September 30, 2021 and December 31, 2020 (in thousands):

	Maximum balance		Average balance	Weighted average interest rate
September 30, 2021
Securities sold under repurchase agreements	$	123,415	112,838	0.05	%
FHLB line of credit	—		275	0.34	%
FHLB advances	941,939		731,127	1.30
December 31, 2020
Securities sold under repurchase agreements	$	115,233	86,194	0.28	%
FHLB line of credit	422,000		97,853	1.09
FHLB advances	1,177,083		1,045,282	1.49

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Components of Net Periodic Benefit Cost (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Net Periodic Benefit Cost (Increase)

Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 and 2020 includes the following components (in thousands):

	Three months ended September 30,					Nine months ended September 30,
	Pension benefits			Other post-retirement benefits		Pension benefits			Other post-retirement benefits
	2021		2020	2021	2020	2021		2020	2021	2020
Service cost	$	—	—	8	19	$	—	—	26	59
Interest cost	198		250	106	178	594		750	318	534
Expected return on plan assets	(807)		(737)	—	—	(2,421)		(2,211)	—	—
Amortization of prior service cost	—		—	—	—	—		—	—	—
Amortization of the net loss (gain)	118		174	(267)	(62)	354		522	(803)	(186)
Net periodic (decrease) increase in benefit cost	$	(491)	(313)	(153)	135	$	(1,473)	(939)	(459)	407

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Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Tables)

9 Months Ended

Sep. 30, 2021

Credit Loss [Abstract]

Schedule of Impact of ASC 326

The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities	$	6	—	6
Allowance for credit losses on municipal securities	64		—	64
Allowance for credit losses on held to maturity debt securities	$	70	—	70

The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands):

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Loans
Residential	$	8,950	3,414	5,536
Commercial	17,118		12,831	4,287
Multi-family	9,519		3,374	6,145
Construction	4,152		5,892	(1,740)
Total mortgage loans	39,739		25,511	14,228
Commercial loans	18,254		28,263	(10,009)
Consumer loans	5,452		1,751	3,701
Allowance for credit losses on loans	$	63,445	55,525	7,920

The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:

	January 1, 2020
	As reported under CECL		Prior to CECL	Impact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure	$	3,206	—	3,206

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values

The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands):

	Fair Value Measurements at Reporting Date Using:
	September 30, 2021		Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations	$	99,522	99,522	—	—
Mortgage-backed securities	1,663,061		—	1,663,061	—
Asset-backed securities	47,880		—	47,880	—
State and municipal obligations	69,484		—	69,484	—
Corporate obligations	38,526		—	38,526	—
Total available for sale debt securities	1,918,473		99,522	1,818,951	—
Equity securities	1,267		1,267	—	—
Derivative assets	76,223		—	76,223	—
	$	1,995,963	100,789	1,895,174	—
Derivative liabilities	$	77,039	—	77,039	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	31,747	—	—	31,747
Foreclosed assets	1,619		—	—	1,619
	$	33,366	—	—	33,366

	Fair Value Measurements at Reporting Date Using:
	December 31, 2020		Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
Agency obligations	$	1,009	1,009	—	—
Mortgage-backed securities	938,413		—	938,413	—
Asset-backed securities	53,830		—	53,830	—
State and municipal obligations	71,258		—	71,258	—
Corporate obligations	40,979		—	40,979	—
Total available for sale debt securities	1,105,489		1,009	1,104,480	—
Equity Securities	971		971	—	—
Derivative assets	101,079		—	101,079	—
	$	1,207,539	1,980	1,205,559	—
Derivative liabilities	$	109,148	—	109,148	—
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral	$	26,250	—	—	26,250
Foreclosed assets	4,475		—	—	4,475
	$	30,725	—	—	30,725

Schedule of Financial Instruments at Carrying and Fair Values

The following tables present the Company’s financial instruments at their carrying and fair values as of September 30, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy.

			Fair Value Measurements at September 30, 2021 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	505,289	505,289	505,289	—	—
Available for sale debt securities:
U.S. Treasury obligations	99,522		99,522	99,522	—	—
Agency obligations	—		—	—	—	—
Mortgage-backed securities	1,663,061		1,663,061	—	1,663,061	—
Asset-backed securities	47,880		47,880		47,880
State and municipal obligations	69,484		69,484	—	69,484	—
Corporate obligations	38,526		38,526	—	38,526	—
Total available for sale debt securities	$	1,918,473	1,918,473	99,522	1,818,951	—
Held to maturity debt securities, net of allowance for credit losses:
Agency obligations	9,996		9,942	9,942	—	—
Mortgage-backed securities	29		30	—	30	—
State and municipal obligations	407,397		422,320	—	422,320	—
Corporate obligations	9,617		9,596	—	9,596	—
Total held to maturity debt securities, net of allowance for credit losses	$	427,039	441,888	9,942	431,946	—
FHLBNY stock	34,044		34,044	34,044	—	—
Equity Securities	1,267		1,267	1,267	—	—
Loans, net of allowance for credit losses	9,474,567		9,630,317	—	—	9,630,317
Derivative assets	76,223		76,223	—	76,223	—
Financial liabilities:
Deposits other than certificates of deposits	$	10,056,117	10,056,117	10,056,117	—	—
Certificates of deposit	780,504		782,364	—	782,364	—
Total deposits	$	10,836,621	10,838,481	10,056,117	782,364	—
Borrowings	617,375		619,821	—	619,821	—
Subordinated debentures	25,249		29,548	—	29,548	—
Derivative liabilities	77,039		77,039	—	77,039	—

			Fair Value Measurements at December 31, 2020 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable  Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	532,353	532,353	532,353	—	—
Available for sale debt securities:
U.S. Treasury obligations			—	—	—	—
Agency obligations	1,009		1,009	1,009	—	—
Mortgage-backed securities	938,413		938,413	—	938,413	—
Asset-backed securities	53,830		53,830		53,830
State and municipal obligations	71,258		71,258	—	71,258	—
Corporate obligations	40,979		40,979	—	40,979	—
Total available for sale debt securities	$	1,105,489	1,105,489	1,009	1,104,480	—
Held to maturity debt securities:
Agency obligations	$	7,600	7,601	7,601	—	—
Mortgage-backed securities	62		64	—	64	—
State and municipal obligations	433,589		455,039	—	455,039	—
Corporate obligations	9,714		9,825	—	9,825	—
Total held to maturity debt securities	$	450,965	472,529	7,601	464,928	—
FHLBNY stock	59,489		59,489	59,489	—	—
Equity Securities	971		971	971	—	—
Loans, net of allowance for credit losses	9,721,424		9,969,330	—	—	9,969,330
Derivative assets	101,079		101,079	—	101,079	—
Financial liabilities:
Deposits other than certificates of deposits	$	8,743,655	8,743,655	8,743,655	—	—
Certificates of deposit	1,094,174		1,097,993	—	1,097,993	—
Total deposits	$	9,837,829	9,841,648	8,743,655	1,097,993	—
Borrowings	1,175,972		1,193,024	—	1,193,024	—
Subordinated Debt	25,135		24,375	—	24,375	—
Derivative liabilities	109,148		109,148	—	109,148	—

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Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Components of Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income, both gross and net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three months ended September 30,
	2021				2020
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$	(10,765)	2,775	(7,990)	(578)	150	(428)
Reclassification adjustment for gains included in net income	—		—	—	—	—	—
Total	(10,765)		2,775	(7,990)	(578)	150	(428)
Unrealized gains on derivatives (cash flow hedges)	2,382		(614)	1,768	1,186	(306)	880
Amortization related to post-retirement obligations	(138)		35	(103)	115	(30)	85
Total other comprehensive (loss) income	$	(8,521)	2,196	(6,325)	723	(186)	537

	Nine months ended September 30,
	2021				2020
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$	(19,630)	5,061	(14,569)	20,733	(5,345)	15,388
Reclassification adjustment for gains included in net income	(230)		59	(171)	—	—	—
Total	(19,860)		5,120	(14,740)	20,733	(5,345)	15,388
Unrealized gains ( losses) on derivatives (cash flow hedges)	6,959		(1,794)	5,165	(8,242)	2,125	(6,117)
Amortization related to post-retirement obligations	(435)		112	(323)	322	(83)	239
Total other comprehensive (loss) income	$	(13,336)	3,438	(9,898)	12,813	(3,303)	9,510

Components of Accumulated Other Comprehensive Income, Net of Tax

The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax for the three months ended September 30,
	2021					2020
	Unrealized Gains (Losses) on Available for Sale Debt Securities		Post- Retirement Obligations	Unrealized (Losses) Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains on  Available for Sale Debt Securities	Post-  Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive(Loss) Income
Balance at June 30,	$	16,940	(1,301)	(1,557)	14,082	24,562	(5,086)	(6,682)	12,794
Current - period other comprehensive (loss) income	(7,990)		(103)	1,768	(6,325)	(428)	85	880	537
Balance at September 30,	$	8,950	(1,404)	211	7,757	24,134	(5,001)	(5,802)	13,331

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax for the nine months ended September 30,
	2021					2020
	Unrealized Gains (Losses) on Available for Sale Debt Securities		Post-  Retirement Obligations	Unrealized (Losses) Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains (Losses) on  Available for Sale Debt Securities	Post- Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive(Loss) Income
Balance at December 31,	$	23,690	(1,081)	(4,954)	17,655	8,746	(5,240)	315	3,821
Current - period other comprehensive (loss) income	(14,740)		(323)	5,165	(9,898)	15,388	239	(6,117)	9,510
Balance at September 30,	$	8,950	(1,404)	211	7,757	24,134	(5,001)	(5,802)	13,331

Summary of Reclassifications Out of Accumulated Other Comprehensive Income

The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the three months ended September 30,			Affected line item in the Consolidated Statement of Income
	2021		2020
Details of AOCI:
Post-retirement obligations:
Amortization of actuarial (losses) gains	$	(149)	112	Compensation and employee benefits (1)
	38		(27)	Income tax expense
Total reclassification	$	(111)	85	Net of tax

	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the nine months ended September 30,			Affected line item in the Consolidated Statement of Income
	2021		2020
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale	$	(230)	—	Net gain on securities transactions
	59		—	Income tax expense
	(171)		—	Net of tax
Post-retirement obligations:
Amortization of actuarial (losses) gains	$	(449)	336	Compensation and employee benefits (1)
	119		(97)	Income tax expense
Total reclassification	$	(330)	239	Net of tax

(1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost.

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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at September 30, 2021 and December 31, 2020 (in thousands):

	At September 30, 2021
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair  value (1)		Consolidated Statements of Financial Condition	Fair  value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	71,779	Other liabilities	72,947
Credit contracts	Other assets	107		Other liabilities	40
Total derivatives not designated as a hedging instrument		$	71,886		72,987
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	4,337	Other liabilities	4,052
Total derivatives designated as a hedging instrument		$	4,337		4,052

	At December 31, 2020
	Asset Derivatives			Liability Derivatives
	Consolidated Statements of Financial Condition	Fair value (1)		Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	Other assets	$	107,652	Other liabilities	109,148
Credit contracts	Other assets	97		Other liabilities	—
Total derivatives not designated as a hedging instrument		$	107,749		109,148
Derivatives designated as a hedging instrument:
Interest rate products	Other assets	$	(6,671)	Other liabilities	—
Total derivatives designated as a hedging instrument		$	(6,671)		—

(1) The fair values related to interest rate products in the above derivative financial instruments tables show the value of assets and liabilities, excluding accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020.

Effect of the derivative financial instruments on the Income Statement

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 (in thousands).

		Gain (loss) recognized in income on derivatives for the three months ended
	Consolidated Statements of Income	September 30, 2021		September 30, 2020
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	191	26
Credit contracts	Other income	(19)		460
Total		$	172	486
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	1,030	855
Total		$	1,030	855

		Gain (loss) recognized in income on derivatives for the nine months ended
	Consolidated Statements of Income	September 30, 2021		September 30, 2020
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	268	(1,022)
Credit contracts	Other income	28		459
Total		$	296	(563)
Derivatives designated as a hedging instrument:
Interest rate products	Interest expense	$	2,856	875
Total		$	2,856	875

Offsetting Assets

	Fair Values of Derivative Instruments as of September 30, 2021
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,272,593	Other assets	$	72,511	$	1,272,593	Other liabilities	$	73,679
Credit contracts	47,712		Other assets	107		92,950		Other liabilities	40
Total derivatives not designated as a hedging instrument				72,618					73,719
Derivatives designated as a hedging instrument:
Interest rate products	250,000		Other assets	4,301		350,000		Other liabilities	4,493
Total gross derivative amounts recognized on the balance sheet				76,919					78,212
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	76,919				$	78,212
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	16,195				$	16,195
Cash collateral - institutional counterparties (1)				—					46,895
Net derivatives not offset				$	60,724				$	15,122

	Fair Values of Derivative Instruments as of December 31, 2020
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,316,163	Other assets	$	108,519	$	1,316,163	Other liabilities	$	109,957
Credit contracts	47,745		Other assets	97		73,954		Other liabilities	58
Total derivatives not designated as a hedging instrument				108,616					110,015
Derivatives designated as a hedging instrument:
Interest rate products	175,000		Other assets	498		425,000		Other liabilities	7,582
Total gross derivative amounts recognized on the balance sheet				109,114					117,597
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	109,114				$	117,597
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	928				$	928
Cash collateral - institutional counterparties (1)				—					113,620
Net derivatives not offset				$	108,186				$	3,049

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020.

Offsetting Liabilities

	Fair Values of Derivative Instruments as of September 30, 2021
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,272,593	Other assets	$	72,511	$	1,272,593	Other liabilities	$	73,679
Credit contracts	47,712		Other assets	107		92,950		Other liabilities	40
Total derivatives not designated as a hedging instrument				72,618					73,719
Derivatives designated as a hedging instrument:
Interest rate products	250,000		Other assets	4,301		350,000		Other liabilities	4,493
Total gross derivative amounts recognized on the balance sheet				76,919					78,212
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	76,919				$	78,212
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	16,195				$	16,195
Cash collateral - institutional counterparties (1)				—					46,895
Net derivatives not offset				$	60,724				$	15,122

	Fair Values of Derivative Instruments as of December 31, 2020
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)		Notional Amount		Consolidated Statements of Financial Condition	Fair  value (2)
Derivatives not designated as a hedging instrument:
Interest rate products	$	1,316,163	Other assets	$	108,519	$	1,316,163	Other liabilities	$	109,957
Credit contracts	47,745		Other assets	97		73,954		Other liabilities	58
Total derivatives not designated as a hedging instrument				108,616					110,015
Derivatives designated as a hedging instrument:
Interest rate products	175,000		Other assets	498		425,000		Other liabilities	7,582
Total gross derivative amounts recognized on the balance sheet				109,114					117,597
Gross amounts offset on the balance sheet				—					—
Net derivative amounts presented on the balance sheet				$	109,114				$	117,597
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties				$	928				$	928
Cash collateral - institutional counterparties (1)				—					113,620
Net derivatives not offset				$	108,186				$	3,049

(1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

(2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020.

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Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Summary of Non-interest Income

The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three months ended September 30,			Nine months ended September 30,
	2021		2020	2021	2020
Non-interest income
In-scope of Topic 606:
Wealth management fees	$	7,921	6,847	22,914	19,075
Insurance agency income	2,433		1,711	8,009	1,711
Banking service charges and other fees:
Service charges on deposit accounts	2,910		2,473	7,965	7,520
Debit card and ATM fees	913		1,693	4,789	4,167
Total banking service charges and other fees	3,823		4,166	12,754	11,687
Total in-scope non-interest income	14,177		12,724	43,677	32,473
Total out-of-scope non-interest income	9,185		7,902	22,479	19,509
Total non-interest income	$	23,362	20,626	66,156	51,982

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Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Supplemental Balance Sheet Information

The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at September 30, 2021 and December 31, 2020 (in thousands):

	Classification	September 30, 2021		December 31, 2020
Lease Right-of-Use Assets:
Operating lease right-of-use assets	Other assets	$	48,491	$	41,142
Lease Liabilities:
Operating lease liabilities	Other liabilities	$	49,630	$	42,042

Schedule of Supplemental Cash Flow and Other information Related to Leases

The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):

	Three months ended September 30, 2021		Three months ended September 30, 2020
Lease Costs
Operating lease cost	$	2,417	$	2,303
Variable lease cost	728		754
Total lease cost	$	3,145	$	3,057

	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Lease Costs
Operating lease cost	$	7,559	$	6,565
Variable lease cost	2,247		2,085
Total lease cost	$	9,806	$	8,650

Cash paid for amounts included in the measurement of lease liabilities:	Nine months ended September 30, 2021		Nine months ended September 30, 2020
Operating cash flows from operating leases	$	6,861	$	6,528

Schedule of Future Minimum Payments

Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021, were as follows (in thousands):

	Operating leases
Twelve months ended:
Remainder of 2021	$	2,081
2022	7,351
2023	7,102
2024	6,720
2025	6,154
Thereafter	27,405
Total future minimum lease payments	56,813
Amounts representing interest	7,183
Present value of net future minimum lease payments	$	49,630

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Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Net income	$ 37,268	$ 27,143	$ 130,618	$ 56,384
Basic earnings per share:
Income available to common stockholders, basic	$ 37,268	$ 27,143	$ 130,618	$ 56,384
Weighted average common shares outstanding, basic (in shares)	76,604,653	72,519,123	76,588,549	67,093,442
Income available to common stockholders, per share amount, basic (usd per share)	$ 0.49	$ 0.37	$ 1.71	$ 0.84
Dilutive shares (in shares)	80,553	85,175	85,014	80,434
Diluted earnings per share:
Income available to common stockholders, diluted	$ 37,268	$ 27,143	$ 130,618	$ 56,384
Weighted average common shares outstanding, diluted (in shares)	76,685,206	72,604,298	76,673,563	67,173,876
Income available to common stockholders, per share amount, diluted (usd per share)	$ 0.49	$ 0.37	$ 1.70	$ 0.84

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Summary of Significant Accounting Policies (Narrative) (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares)	830,628	1,100,000

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Business Combinations - SB One Bancorp Acquisition Narrative (Details) $ in Thousands	Jul. 31, 2020 USD ($) branch office shares	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Fair value of acquired loans at July 31, 2020	$ 1,766,115
Fair value premium	$ 8,400
Allowance for credit losses		$ 80,033		$ 80,959	$ 101,466	$ 106,314	$ 86,259	$ 55,525	$ 55,525
Number of branches acquired | branch	18
Number of branches owned | branch	8
Subordinated debentures		$ 25,249			$ 25,135
SB One Bancorp
Business Acquisition [Line Items]
Business combination assets acquired	$ 2,195,708
Number of banking offices | office	18
Common stock portion, number of SB One Bancorp stock for each share of company common stock converted | shares	1.357
Total common stock issued (in shares) | shares	12,800,000
Total cost of acquisition	$ 180,800
Goodwill	22,439		$ 22,400
Fair value premium	133
Allowance for credit losses	13,600
Decrease in fair value of net assets acquired	1,400
Goodwill, measurement period adjustment	23,900
Bank-owned life insurance	37,200
Time deposit discount	4,300
Subordinated debentures	27,500
SB One Bancorp | Core Deposits
Business Acquisition [Line Items]
Intangible asset	$ 3,200
Estimated useful life	10 years
SB One Bancorp | Customer Relationships
Business Acquisition [Line Items]
Intangible asset	$ 6,800
Estimated useful life	13 years
SB One Bancorp | Loans
Business Acquisition [Line Items]
Fair value of acquired loans at July 31, 2020	$ 1,770,000
SB One Bancorp | Deposits
Business Acquisition [Line Items]
Fair value of acquired loans at July 31, 2020	$ 1,760,000

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Business Combinations - Estimated Fair Values of the Assets Acquired and the Liabilities Assumed (Details) - SB One Bancorp - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 31, 2020
Assets acquired
Cash and cash equivalents, net		$ 78,089
Available for sale debt securities		231,645
Held to maturity debt securities		12,381
Federal Home Loan Bank stock		11,216
Loans		1,766,115
Allowance for credit losses on PCD loans		(13,586)
Loans, net		1,752,529
Bank-owned life insurance		37,237
Banking premises and equipment		16,620
Accrued interest receivable		8,947
Goodwill	$ 22,400	22,439
Other intangibles assets		9,965
Foreclosed assets, net		2,441
Other assets		12,199
Total assets acquired		2,195,708
Liabilities assumed
Deposits		1,757,777
Borrowed funds		201,582
Subordinated debentures		25,074
Other liabilities		30,447
Total liabilities assumed		2,014,880
Net assets acquired		$ 180,828

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Business Combinations - Fair Value Adjustments Made to the Amortized Cost (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Gross amortized cost basis at July 31, 2020	$ 1,787,057
Interest rate fair value adjustment on all loans	455
Credit fair value adjustment on non-PCD loans	(21,397)
Fair value of acquired loans at July 31, 2020	1,766,115
Allowance for credit losses on PCD loans	(13,586)
Loans, net	$ 1,752,529	$ 0	$ 1,752,529

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Business Combinations - Summary of PCD Loans (Details) - SB One Bancorp $ in Thousands	Jul. 31, 2020 USD ($)
Business Acquisition [Line Items]
Gross amortized cost basis at July 31, 2020	$ 315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$ 294,210

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Investment Securities (Narrative) (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) security position	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) security position	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) security position	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Available for sale debt securities, at fair value	$ 1,918,473,000		$ 1,918,473,000		$ 1,105,489,000
Held to maturity debt securities	$ 427,039,000		$ 427,039,000		$ 450,965,000
Total number of all held to maturity and available for sale securities in an unrealized loss position | security	160		160		49
Held-to-maturity, debt securities, allowance	$ 42,000		$ 42,000		$ 78,000		$ 0
Retained earnings	794,713,000		794,713,000		$ 718,090,000
Investments which pay principal on periodic basis, amortized cost	1,700,000,000		1,700,000,000
Investments which pay principal on periodic basis, fair value	1,710,000,000		1,710,000,000
Proceeds from sales of securities	$ 0	$ 13,900,000	9,400,000	$ 13,900,000
Gain recognized on sale of securities		0	230,000	0
Loss recognized on sale of securities		0	$ 0	0
Securities available for sale, number of securities in an unrealized loss position | position	99		99		42
Debt Securities, available-for-sale, amortized cost	$ 1,906,413,000		$ 1,906,413,000		$ 1,073,570,000
Unrealized loss	11,855,000		11,855,000		$ 971,000
Proceeds from sale of held-to-maturity securities	0	0	0	0
Held to maturity securities, proceeds from calls	21,100,000	13,700,000	34,000,000	39,500,000
Held to maturity securities, recognized gain on calls	26,505	0	26,505	55,000
Held to maturity securities, recognized loss on calls	$ 0	$ 0	$ 0	$ 0
Number of securities in an unrealized loss position | security	61		61		7
AAA
Schedule of Held-to-maturity Securities [Line Items]
Amount of total portfolio			14.00%
AA
Schedule of Held-to-maturity Securities [Line Items]
Amount of total portfolio			73.00%
A
Schedule of Held-to-maturity Securities [Line Items]
Amount of total portfolio			13.00%
A rated or not rated
Schedule of Held-to-maturity Securities [Line Items]
Amount of total portfolio			1.00%
Private Label Mortgage-Backed Securities
Schedule of Held-to-maturity Securities [Line Items]
Securities available for sale, number of securities in an unrealized loss position | position	1		1
Debt Securities, available-for-sale, amortized cost	$ 17,277,000		$ 17,277,000
Unrealized loss	450,000		450,000
Accounting Standards Update 2016-13
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity, debt securities, allowance						$ 70,000
Accounting Standards Update 2016-13, Effect On Debt Securities
Schedule of Held-to-maturity Securities [Line Items]
Retained earnings						$ 52,000
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Available for sale debt securities, at fair value	1,663,061,000		1,663,061,000		$ 938,413,000
Held-to-maturity, debt securities, allowance	42,000		42,000
Debt Securities, available-for-sale, amortized cost	1,653,880,000		1,653,880,000		910,393,000
Unrealized loss	11,447,000		11,447,000		$ 852,000
Mortgage-based securities, amortized cost	29,000		29,000
Mortgage-based securities, fair value	$ 30,000		$ 30,000

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Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 1,906,413	$ 1,073,570
Gross unrealized gains	23,915	32,890
Gross unrealized losses	(11,855)	(971)
Available for sale debt securities, at fair value	1,918,473	1,105,489
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized cost	99,463
Gross unrealized gains	184
Gross unrealized losses	(125)
Available for sale debt securities, at fair value	99,522
Agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized cost		1,001
Gross unrealized gains		8
Gross unrealized losses		0
Available for sale debt securities, at fair value		1,009
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	1,653,880	910,393
Gross unrealized gains	20,628	28,872
Gross unrealized losses	(11,447)	(852)
Available for sale debt securities, at fair value	1,663,061	938,413
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	45,989	52,295
Gross unrealized gains	1,891	1,535
Gross unrealized losses	0	0
Available for sale debt securities, at fair value	47,880	53,830
State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Amortized cost	68,950	69,687
Gross unrealized gains	681	1,666
Gross unrealized losses	(147)	(95)
Available for sale debt securities, at fair value	69,484	71,258
Corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized cost	38,131	40,194
Gross unrealized gains	531	809
Gross unrealized losses	(136)	(24)
Available for sale debt securities, at fair value	$ 38,526	$ 40,979

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Investment Securities (Available for Sale by Contractual Maturity) (Detail) $ in Thousands	Sep. 30, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, amortized cost	$ 0
Due after one year through five years, amortized cost	56,536
Due after five years through ten years, amortized cost	84,512
Due after ten years, amortized cost	65,496
Amortized cost	206,544
Due in one year or less, fair value	0
Due after one year through five years, fair value	56,576
Due after five years through ten years, fair value	84,999
Due after ten years, fair value	65,957
Fair value	$ 207,532

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Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 1,022,127	$ 132,875
Less than 12 months, gross unrealized losses	(11,855)	(919)
12 months or longer, fair value	33	10,007
12 months or longer, gross unrealized losses	0	(52)
Total, fair value	1,022,160	142,882
Total, gross unrealized losses	(11,855)	(971)
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	49,596
Less than 12 months, gross unrealized losses	(125)
12 months or longer, fair value	0
12 months or longer, gross unrealized losses	0
Total, fair value	49,596
Total, gross unrealized losses	(125)
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	940,975	127,600
Less than 12 months, gross unrealized losses	(11,447)	(824)
12 months or longer, fair value	33	8,007
12 months or longer, gross unrealized losses	0	(28)
Total, fair value	941,008	135,607
Total, gross unrealized losses	(11,447)	(852)
State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	24,846	5,275
Less than 12 months, gross unrealized losses	(147)	(95)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	24,846	5,275
Total, gross unrealized losses	(147)	(95)
Corporate obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	6,710	0
Less than 12 months, gross unrealized losses	(136)	0
12 months or longer, fair value	0	2,000
12 months or longer, gross unrealized losses	0	(24)
Total, fair value	6,710	2,000
Total, gross unrealized losses	$ (136)	$ (24)

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Investment Securities (Held to Maturity) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	$ 427,081	$ 451,043
Gross unrealized gains	15,520	21,551
Gross unrealized losses	(713)	(65)
Held-to-maturity, debt securities	441,888	472,529
Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	9,996	7,600
Gross unrealized gains	0	6
Gross unrealized losses	(54)	(5)
Held-to-maturity, debt securities	9,942	7,601
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	29	62
Gross unrealized gains	1	2
Gross unrealized losses	0	0
Held-to-maturity, debt securities	30	64
State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	407,424	433,655
Gross unrealized gains	15,485	21,442
Gross unrealized losses	(589)	(58)
Held-to-maturity, debt securities	422,320	455,039
Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	9,632	9,726
Gross unrealized gains	34	101
Gross unrealized losses	(70)	(2)
Held-to-maturity, debt securities	$ 9,596	$ 9,825

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Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) $ in Thousands	Sep. 30, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, amortized cost	$ 0
Due after one year through five years, amortized cost	160,344
Due after five years through ten years, amortized cost	201,125
Due after ten years, amortized cost	65,583
Amortized cost	427,052
Due in one year or less, fair value	0
Due after one year through five years, fair value	163,784
Due after five years through ten years, fair value	211,120
Due after ten years, fair value	66,954
Fair value	$ 441,858

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Investment Securities (ASU 2016-13 Adoption Impact) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance	$ 42	$ 78		$ 0
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance			$ 70
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance			70
Corporate obligations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance				0
Corporate obligations | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance			6
Corporate obligations | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance			6
Municipal securities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance				$ 0
Municipal securities | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance			64
Municipal securities | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held-to-maturity, debt securities, allowance			$ 64

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Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	$ 48,454	$ 7,627
Less than 12 months, gross unrealized losses	(643)	(48)
12 months or longer, fair value	2,077	406
12 months or longer, gross unrealized losses	(70)	(17)
Total, fair value	50,531	8,033
Total, gross unrealized losses	(713)	(65)
Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	9,942	1,995
Less than 12 months, gross unrealized losses	(54)	(5)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	9,942	1,995
Total, gross unrealized losses	(54)	(5)
State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	31,291	4,846
Less than 12 months, gross unrealized losses	(519)	(41)
12 months or longer, fair value	2,077	406
12 months or longer, gross unrealized losses	(70)	(17)
Total, fair value	33,368	5,252
Total, gross unrealized losses	(589)	(58)
Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	7,221	786
Less than 12 months, gross unrealized losses	(70)	(2)
12 months or longer, fair value	0	0
12 months or longer, gross unrealized losses	0	0
Total, fair value	7,221	786
Total, gross unrealized losses	$ (70)	$ (2)

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Investment Securities (Amortized Cost of held to Maturity Debt Securities by Year of Originations and Credit Rating) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	$ 427,081	$ 451,043
Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	9,996	7,600
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	29	62
State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	407,424	433,655
Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	9,632	9,726
AAA
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	58,373	65,492
AAA | Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	9,996	7,600
AAA | Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	29	62
AAA | State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	48,348	57,830
AAA | Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
AA
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	312,329	314,410
AA | Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
AA | Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
AA | State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	309,708	311,155
AA | Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	2,621	3,255
A
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	55,043	59,748
A | Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
A | Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
A | State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	48,057	53,302
A | Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	6,986	6,446
BBB
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	655	1,115
BBB | Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
BBB | Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
BBB | State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	655	1,115
BBB | Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
Not Rated
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	681	10,278
Not Rated | Agency obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
Not Rated | Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	0	0
Not Rated | State and municipal obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	656	10,253
Not Rated | Corporate obligations
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost	$ 25	$ 25

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Loans Receivable and Allowance for Credit Losses (Narrative) (Detail)			3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($) loan borrower	Jul. 30, 2020 loan borrower	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan	Dec. 31, 2020 USD ($) loan	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance for credit losses	$ 101,466,000		$ 80,033,000	$ 106,314,000	$ 80,033,000	$ 106,314,000	$ 101,466,000	$ 80,959,000			$ 86,259,000	$ 55,525,000	$ 55,525,000
Retained earnings	(718,090,000)		(794,713,000)		(794,713,000)		(718,090,000)
Total gross loans	9,822,890,000		9,554,600,000		9,554,600,000		9,822,890,000
Principal amount of nonaccrual loans	87,100,000		66,200,000		66,200,000		87,100,000
Loans less than 90 days past due	$ 35,300,000		$ 28,500,000		$ 28,500,000		$ 35,300,000
Number of loans 90 days past due and still accruing | loan	0		0		0		0
Impaired loan defined floor limit (greater than)			$ 1,000,000		$ 1,000,000
Impaired loans number | loan	169	159
Impaired loans	$ 86,046,000		68,038,000		68,038,000		$ 86,046,000
Number of troubled debt restructurings | loan	135	111
Number of borrowers | borrower		107
Troubled debt restructurings	$ 39,600,000						39,600,000
Collateral-dependent impaired loans	26,300,000		31,700,000		31,700,000		26,300,000
Provision for credit losses			969,000	6,400,000	(24,736,000)	32,017,000
Charge off, impaired loan			$ 2,100,000	612,000,000	$ 3,500,000	$ 3,800,000
Weighted average modified interest rate			3.22%		4.35%
Weighted average prior modification rate			4.83%		4.64%
Number of payment defaults for loans modified as TDRs | loan					0	0
Purchased credit-impaired loans	746,000						746,000
Allowances for loan losses	8,974,000		$ 5,235,000		$ 5,235,000		8,974,000
Impaired financing receivable with no related allowance	$ 43,700,000		$ 40,300,000		40,300,000		43,700,000
Average balance of impaired loans					$ 74,979,000		66,763,000
Number of PPP loans | loan			2,066		2,066
Paycheck protection program			$ 681,900,000		$ 681,900,000
Number of loans forgiven | loan			1,521		1,521
Paycheck protection program, amount forgiven			$ 508,100,000		$ 508,100,000
Paycheck protection program, amount outstanding			173,800,000		173,800,000
Performing Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of troubled debt restructurings | loan	112
Number of borrowers | borrower	110
Troubled debt restructurings	$ 23,100,000		21,800,000		21,800,000		23,100,000
Purchased credit-impaired (PCI) loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance for credit losses	13,100,000		12,300,000		12,300,000		13,100,000
Total gross loans	296,600,000		259,300,000		259,300,000		296,600,000
SB One Bancorp
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance for credit losses										$ 13,600,000
Consumer Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral-dependent impaired loans			75,000		75,000
Commercial Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral-dependent impaired loans			30,100,000		30,100,000
Residential Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral-dependent impaired loans			1,600,000		1,600,000
Impaired Loans Troubled Debt Restructurings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowances for loan losses					56,000
Commercial Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance for credit losses	27,084,000		22,298,000	$ 29,585,000	22,298,000	$ 29,585,000	27,084,000	$ 21,262,000			$ 25,284,000	28,263,000	$ 28,263,000
Impaired loans	35,832,000		16,177,000		16,177,000		35,832,000
Allowances for loan losses	$ 4,715,000		$ 3,604,000		3,604,000		4,715,000
Average balance of impaired loans					$ 19,958,000		$ 31,411,000
Commercial Loans | SB One Bancorp
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gross loans									$ 101,700,000
Accounting Standards Update 2016-13
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance for credit losses												7,900,000
Accounting Standards Update 2016-13, Effect On Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retained earnings												$ 5,900,000

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Loans Receivable and Allowance for Credit Losses (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	$ 9,568,028	$ 9,839,858
Premiums on purchased loans	1,313	1,566
Unearned discounts	(6)	(12)
Net deferred fees	(14,735)	(18,522)
Total gross loans	9,554,600	9,822,890
Residential
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	1,230,018	1,294,702
Commercial
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	3,704,684	3,458,666
Multi-Family
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	1,379,773	1,484,515
Construction
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	685,792	541,939
Mortgage Portfolio Segment
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	7,000,267	6,779,822
Mortgage Portfolio Segment | Residential
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	1,230,018	1,294,702
Mortgage Portfolio Segment | Commercial
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	3,704,684	3,458,666
Mortgage Portfolio Segment | Multi-Family
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	1,379,773	1,484,515
Mortgage Portfolio Segment | Construction
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	685,792	541,939
Commercial Loans
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	2,234,020	2,567,470
Consumer Loans
Servicing Liability at Amortized Cost [Line Items]
Total gross loans	$ 333,741	$ 492,566

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Loans Receivable and Allowance for Credit Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	$ 9,568,028	$ 9,839,858
Non-accrual	66,201	87,090
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	78,963	125,100
Non-accrual loans with no related allowance	49,924	49,013
Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,230,018	1,294,702
Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	3,704,684	3,458,666
Multi-Family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,379,773	1,484,515
Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	685,792	541,939
30 to 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	9,557	22,762
60 to 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	3,205	15,248
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	9,489,065	9,714,758
Mortgage Portfolio Segment
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	7,000,267	6,779,822
Non-accrual	43,288	42,689
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	51,225	68,995
Non-accrual loans with no related allowance	33,286	31,189
Mortgage Portfolio Segment | Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,230,018	1,294,702
Non-accrual	7,263	9,315
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	14,107	33,956
Non-accrual loans with no related allowance	7,263	9,315
Mortgage Portfolio Segment | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	3,704,684	3,458,666
Non-accrual	32,619	31,982
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	33,462	32,856
Non-accrual loans with no related allowance	22,617	20,482
Mortgage Portfolio Segment | Multi-Family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,379,773	1,484,515
Non-accrual	439	0
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	689	791
Non-accrual loans with no related allowance	439	0
Mortgage Portfolio Segment | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	685,792	541,939
Non-accrual	2,967	1,392
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	2,967	1,392
Non-accrual loans with no related allowance	2,967	1,392
Mortgage Portfolio Segment | 30 to 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	5,760	16,756
Mortgage Portfolio Segment | 30 to 59 Days | Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	4,667	15,789
Mortgage Portfolio Segment | 30 to 59 Days | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	843	761
Mortgage Portfolio Segment | 30 to 59 Days | Multi-Family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	250	206
Mortgage Portfolio Segment | 30 to 59 Days | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	0	0
Mortgage Portfolio Segment | 60 to 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	2,177	9,550
Mortgage Portfolio Segment | 60 to 89 Days | Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	2,177	8,852
Mortgage Portfolio Segment | 60 to 89 Days | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	0	113
Mortgage Portfolio Segment | 60 to 89 Days | Multi-Family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	0	585
Mortgage Portfolio Segment | 60 to 89 Days | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	0	0
Mortgage Portfolio Segment | Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	6,949,042	6,710,827
Mortgage Portfolio Segment | Current | Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,215,911	1,260,746
Mortgage Portfolio Segment | Current | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	3,671,222	3,425,810
Mortgage Portfolio Segment | Current | Multi-Family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,379,084	1,483,724
Mortgage Portfolio Segment | Current | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	682,825	540,547
Commercial Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	2,234,020	2,567,470
Non-accrual	21,434	42,118
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	24,130	44,955
Non-accrual loans with no related allowance	15,159	15,541
Commercial Loans | 30 to 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,668	1,658
Commercial Loans | 60 to 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	1,028	1,179
Commercial Loans | Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	2,209,890	2,522,515
Consumer Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	333,741	492,566
Non-accrual	1,479	2,283
Recorded Investment greater than 90 days accruing	0	0
Total Past Due	3,608	11,150
Non-accrual loans with no related allowance	1,479	2,283
Consumer Loans | 30 to 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	2,129	4,348
Consumer Loans | 60 to 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	0	4,519
Consumer Loans | Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total gross loans	$ 330,133	$ 481,416

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Loans Receivable and Allowance for Credit Losses (Schedule of Allowance for Loan Losses by Portfolio Segment) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 80,959	$ 86,259	$ 101,466	$ 55,525
Provision charge (benefit) to operations	1,000	6,411	(24,700)	32,011
Initial allowance on credit loans related to PCD loans		13,586		13,586
Recoveries of loans previously charged-off	547	858	7,832	2,110
Increase (decrease) due to the initial adoption of CECL - Retained earnings				7,920
Loans charged-off	(2,473)	(800)	(4,565)	(4,838)
Balance at end of period	80,033	106,314	80,033	106,314
Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	55,469	54,871	68,307	25,511
Provision charge (benefit) to operations	626	2,922	(11,760)	17,987
Initial allowance on credit loans related to PCD loans		11,984		11,984
Recoveries of loans previously charged-off	71	35	538	143
Increase (decrease) due to the initial adoption of CECL - Retained earnings				14,188
Loans charged-off	(2,110)	(22)	(3,029)	(23)
Balance at end of period	54,056	69,790	54,056	69,790
Commercial Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	21,262	25,284	27,084	28,263
Provision charge (benefit) to operations	963	2,767	(10,319)	12,672
Initial allowance on credit loans related to PCD loans		1,582		1,582
Recoveries of loans previously charged-off	336	679	6,654	1,597
Increase (decrease) due to the initial adoption of CECL - Retained earnings				(9,974)
Loans charged-off	(263)	(727)	(1,121)	(4,555)
Balance at end of period	22,298	29,585	22,298	29,585
Consumer Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	4,228	6,104	6,075	1,751
Provision charge (benefit) to operations	(589)	722	(2,621)	1,352
Initial allowance on credit loans related to PCD loans		20		20
Recoveries of loans previously charged-off	140	144	640	370
Increase (decrease) due to the initial adoption of CECL - Retained earnings				3,706
Loans charged-off	(100)	(51)	(415)	(260)
Balance at end of period	$ 3,679	$ 6,939	$ 3,679	$ 6,939

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Loans Receivable and Allowance for Credit Losses (Impact of ASC 326 Adoption) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses	$ 80,033	$ 80,959	$ 101,466	$ 106,314	$ 86,259	$ 55,525	$ 55,525
Mortgage Portfolio
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						25,511
Mortgage Portfolio | Residential
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						3,414
Mortgage Portfolio | Commercial
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						12,831
Mortgage Portfolio | Multifamily
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						3,374
Mortgage Portfolio | Construction
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						5,892
Commercial Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses	22,298	21,262	27,084	29,585	25,284	28,263	28,263
Consumer Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses	$ 3,679	$ 4,228	$ 6,075	$ 6,939	$ 6,104	1,751	$ 1,751
Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						63,445
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						39,739
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Residential
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						8,950
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Commercial
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						17,118
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Multifamily
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						9,519
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Construction
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						4,152
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						18,254
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						5,452
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						7,920
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						14,228
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Residential
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						5,536
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Commercial
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						4,287
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Multifamily
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						6,145
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Construction
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						(1,740)
Cumulative Effect, Period of Adoption, Adjustment | Commercial Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						(10,009)
Cumulative Effect, Period of Adoption, Adjustment | Consumer Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses						$ 3,701

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Loans Receivable and Allowance for Credit Losses (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	$ 68,038	$ 86,046
Collectively evaluated for impairment	9,499,990	9,753,812
Total gross loans	9,568,028	9,839,858
Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	50,577	48,783
Collectively evaluated for impairment	6,949,690	6,731,039
Total gross loans	7,000,267	6,779,822
Commercial Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	16,177	35,832
Collectively evaluated for impairment	2,217,843	2,531,638
Total gross loans	2,234,020	2,567,470
Consumer Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	1,284	1,431
Collectively evaluated for impairment	332,457	491,135
Total gross loans	$ 333,741	$ 492,566

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Loans Receivable and Allowance for Credit Losses (Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	$ 5,235		$ 8,974
Collectively evaluated for impairment	74,798		92,492
Total gross loans	80,033	$ 80,959	101,466	$ 106,314	$ 86,259	$ 55,525	$ 55,525
Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	1,574		4,220
Collectively evaluated for impairment	52,482		64,087
Total gross loans	54,056	55,469	68,307	69,790	54,871		25,511
Commercial Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	3,604		4,715
Collectively evaluated for impairment	18,694		22,369
Total gross loans	22,298	21,262	27,084	29,585	25,284	28,263	28,263
Consumer Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	57		39
Collectively evaluated for impairment	3,622		6,036
Total gross loans	$ 3,679	$ 4,228	$ 6,075	$ 6,939	$ 6,104	$ 1,751	$ 1,751

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Loans Receivable and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	2	2	7	7
Pre-Modification Outstanding Recorded  Investment	$ 375	$ 1,490	$ 3,486	$ 3,316
Post-Modification Outstanding Recorded Investment	$ 369	$ 1,478	$ 2,856	$ 3,151
Mortgage Portfolio
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	2	1	3	2
Pre-Modification Outstanding Recorded  Investment	$ 375	$ 91	$ 546	$ 434
Post-Modification Outstanding Recorded Investment	$ 369	$ 79	$ 538	$ 360
Mortgage Portfolio | Residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	2	1	3	2
Pre-Modification Outstanding Recorded  Investment	$ 375	$ 91	$ 546	$ 434
Post-Modification Outstanding Recorded Investment	$ 369	$ 79	$ 538	$ 360
Commercial Loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	0	1	4	5
Pre-Modification Outstanding Recorded  Investment	$ 0	$ 1,399	$ 2,940	$ 2,882
Post-Modification Outstanding Recorded Investment	$ 0	$ 1,399	$ 2,318	$ 2,791

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Loans Receivable and Allowance for Credit Losses (Summary of PCD Loans) (Detail) - SB One Bancorp $ in Thousands	Jul. 31, 2020 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Gross amortized cost basis at July 31, 2020	$ 315,784
Interest component of expected cash flows (accretable difference)	(7,988)
Fair value of PCD loans	307,796
Allowance for credit losses on PCD loans	(13,586)
Net PCD loans	$ 294,210

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Loans Receivable and Allowance for Credit Losses (Summary of Impaired Loans Receivable by Class) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	$ 52,096	$ 48,672
Loans with no related allowance, Recorded Investment	40,255	43,683
Loans with no related allowance, Average Recorded Investment	43,417	40,411
Loans with no related allowance, Interest Income Recognized	505	667
Loans with an allowance recorded
Loans with an allowance recorded, Unpaid Principal Balance	29,438	48,455
Loans with an allowance recorded, Recorded Investment	27,783	42,363
Loans with an allowance recorded, Average Recorded Investment	31,562	26,352
Loans with an allowance recorded, Interest Income Recognized	469	1,208
Total impaired loans
Unpaid Principal Balance	81,534	97,127
Recorded Investment	68,038	86,046
Related Allowance	5,235	8,974
Average Recorded Investment	74,979	66,763
Interest Income Recognized	974	1,875
Mortgage Portfolio Segment
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	40,695	31,395
Loans with no related allowance, Recorded Investment	31,914	28,794
Loans with no related allowance, Average Recorded Investment	34,748	27,613
Loans with no related allowance, Interest Income Recognized	426	571
Loans with an allowance recorded
Loans with an allowance recorded, Unpaid Principal Balance	19,401	22,943
Loans with an allowance recorded, Recorded Investment	18,663	19,989
Loans with an allowance recorded, Average Recorded Investment	18,953	7,727
Loans with an allowance recorded, Interest Income Recognized	234	877
Total impaired loans
Unpaid Principal Balance	60,096	54,338
Recorded Investment	50,577	48,783
Related Allowance	1,574	4,220
Average Recorded Investment	53,701	35,340
Interest Income Recognized	660	1,448
Mortgage Portfolio Segment | Residential
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	12,088	13,981
Loans with no related allowance, Recorded Investment	9,447	11,380
Loans with no related allowance, Average Recorded Investment	9,588	11,587
Loans with no related allowance, Interest Income Recognized	331	511
Loans with an allowance recorded
Loans with an allowance recorded, Unpaid Principal Balance	8,113	7,950
Loans with an allowance recorded, Recorded Investment	7,781	7,506
Loans with an allowance recorded, Average Recorded Investment	7,855	7,604
Loans with an allowance recorded, Interest Income Recognized	198	307
Total impaired loans
Unpaid Principal Balance	20,201	21,931
Recorded Investment	17,228	18,886
Related Allowance	860	806
Average Recorded Investment	17,443	19,191
Interest Income Recognized	529	818
Mortgage Portfolio Segment | Commercial
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	26,407	17,414
Loans with no related allowance, Recorded Investment	20,277	17,414
Loans with no related allowance, Average Recorded Investment	23,012	16,026
Loans with no related allowance, Interest Income Recognized	65	60
Loans with an allowance recorded
Loans with an allowance recorded, Unpaid Principal Balance	11,288	14,993
Loans with an allowance recorded, Recorded Investment	10,882	12,483
Loans with an allowance recorded, Average Recorded Investment	11,098	123
Loans with an allowance recorded, Interest Income Recognized	36	570
Total impaired loans
Unpaid Principal Balance	37,695	32,407
Recorded Investment	31,159	29,897
Related Allowance	714	3,414
Average Recorded Investment	34,110	16,149
Interest Income Recognized	101	630
Mortgage Portfolio Segment | Multifamily
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	0	0
Loans with no related allowance, Recorded Investment	0	0
Loans with no related allowance, Average Recorded Investment	0	0
Loans with no related allowance, Interest Income Recognized	0	0
Loans with an allowance recorded
Loans with an allowance recorded, Unpaid Principal Balance	0	0
Loans with an allowance recorded, Recorded Investment	0	0
Loans with an allowance recorded, Average Recorded Investment	0	0
Loans with an allowance recorded, Interest Income Recognized	0	0
Total impaired loans
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Mortgage Portfolio Segment | Construction
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	2,200	0
Loans with no related allowance, Recorded Investment	2,190	0
Loans with no related allowance, Average Recorded Investment	2,148	0
Loans with no related allowance, Interest Income Recognized	30	0
Total impaired loans
Unpaid Principal Balance	2,200	0
Recorded Investment	2,190	0
Related Allowance	0	0
Average Recorded Investment	2,148	0
Interest Income Recognized	30	0
Commercial Loans
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	9,989	15,895
Loans with no related allowance, Recorded Investment	7,461	14,009
Loans with no related allowance, Average Recorded Investment	7,760	12,791
Loans with no related allowance, Interest Income Recognized	26	46
Loans with an allowance recorded
Loans with an allowance recorded, Unpaid Principal Balance	9,614	24,947
Loans with an allowance recorded, Recorded Investment	8,716	21,823
Loans with an allowance recorded, Average Recorded Investment	12,198	18,620
Loans with an allowance recorded, Interest Income Recognized	221	311
Total impaired loans
Unpaid Principal Balance	19,603	40,842
Recorded Investment	16,177	35,832
Related Allowance	3,604	4,715
Average Recorded Investment	19,958	31,411
Interest Income Recognized	247	357
Consumer Loans
Loans with no related allowance
Loans with no related allowance, Unpaid Principal Balance	1,412	1,382
Loans with no related allowance, Recorded Investment	880	880
Loans with no related allowance, Average Recorded Investment	909	7
Loans with no related allowance, Interest Income Recognized	53	50
Loans with an allowance recorded
Loans with an allowance recorded, Unpaid Principal Balance	423	565
Loans with an allowance recorded, Recorded Investment	404	551
Loans with an allowance recorded, Average Recorded Investment	411	5
Loans with an allowance recorded, Interest Income Recognized	14	20
Total impaired loans
Unpaid Principal Balance	1,835	1,947
Recorded Investment	1,284	1,431
Related Allowance	57	39
Average Recorded Investment	1,320	12
Interest Income Recognized	$ 67	$ 70

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Loans Receivable and Allowance for Credit Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 1,251,750	$ 1,959,045
2020	1,543,509	1,490,727
2019	1,417,019	1,155,196
2018	976,969	1,065,179
2017	888,363	796,248
Prior to 2017	2,804,798	2,625,267
Revolving Loans	586,832	647,390
Revolving loans to term loans	98,788	100,806
Total gross loans	9,568,028	9,839,858
Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,980	2,180
2020	7,118	63,409
2019	60,973	79,404
2018	68,917	93,346
2017	80,910	74,322
Prior to 2017	218,671	242,814
Revolving Loans	25,639	42,076
Revolving loans to term loans	6,062	8,410
Total gross loans	470,270	605,960
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,980	1,991
2020	6,590	50,756
2019	52,755	67,198
2018	32,088	53,276
2017	56,063	18,529
Prior to 2017	84,196	119,705
Revolving Loans	4,304	24,049
Revolving loans to term loans	3,465	5,113
Total gross loans	241,440	340,617
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	189
2020	528	12,653
2019	8,218	12,206
2018	36,829	40,070
2017	24,847	55,793
Prior to 2017	134,475	123,109
Revolving Loans	21,335	17,975
Revolving loans to term loans	2,597	3,296
Total gross loans	228,829	265,291
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	52
Revolving loans to term loans	0	0
Total gross loans	0	52
Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020		0
2019		0
2018		0
2017		0
Prior to 2017		0
Revolving Loans		0
Revolving loans to term loans		0
Total gross loans		0
Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,249,770	1,956,865
2020	1,536,391	1,427,318
2019	1,356,046	1,075,792
2018	908,052	971,833
2017	807,453	721,926
Prior to 2017	2,586,127	2,382,453
Revolving Loans	561,193	605,314
Revolving loans to term loans	92,727	92,396
Total gross loans	9,097,759	9,233,898
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
2021	199,446	272,022
2020	246,325	155,492
2019	121,486	95,257
2018	71,177	104,164
2017	79,386	121,870
Prior to 2017	512,198	545,897
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	1,230,018	1,294,702
Residential | Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	164
2020	0	3,375
2019	0	1,669
2018	280	2,221
2017	1,694	2,307
Prior to 2017	10,720	19,798
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	12,694	29,534
Residential | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	1,211	123
Prior to 2017	589	2,759
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	1,800	2,882
Residential | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	164
2020	0	3,375
2019	0	1,669
2018	280	2,221
2017	483	2,184
Prior to 2017	10,131	17,039
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	10,894	26,652
Residential | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Residential | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Residential | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	199,446	271,858
2020	246,325	152,117
2019	121,486	93,588
2018	70,897	101,943
2017	77,692	119,563
Prior to 2017	501,478	526,099
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	1,217,324	1,265,168
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2021	444,371	596,364
2020	598,059	632,077
2019	628,599	432,413
2018	383,948	476,523
2017	455,928	315,260
Prior to 2017	1,075,194	906,212
Revolving Loans	92,530	68,650
Revolving loans to term loans	26,055	31,167
Total gross loans	3,704,684	3,458,666
Commercial | Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	1,797	31,173
2019	30,642	37,133
2018	56,264	43,933
2017	31,323	13,226
Prior to 2017	96,100	96,433
Revolving Loans	2,019	0
Revolving loans to term loans	0	1,045
Total gross loans	218,145	222,943
Commercial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	1,797	29,268
2019	30,621	33,446
2018	28,757	22,838
2017	23,089	3,041
Prior to 2017	42,003	34,992
Revolving Loans	1,094	0
Revolving loans to term loans	0	1,045
Total gross loans	127,361	124,630
Commercial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	1,905
2019	21	3,687
2018	27,507	21,095
2017	8,234	10,185
Prior to 2017	54,097	61,441
Revolving Loans	926	0
Revolving loans to term loans	0	0
Total gross loans	90,785	98,313
Commercial | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Commercial | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Commercial | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	444,371	596,364
2020	596,262	600,904
2019	597,957	395,280
2018	327,684	432,590
2017	424,605	302,034
Prior to 2017	979,094	809,779
Revolving Loans	90,511	68,650
Revolving loans to term loans	26,055	30,122
Total gross loans	3,486,539	3,235,723
Multi-Family
Financing Receivable, Credit Quality Indicator [Line Items]
2021	74,438	291,995
2020	303,779	180,953
2019	176,961	207,717
2018	192,255	172,427
2017	141,834	136,855
Prior to 2017	485,990	488,517
Revolving Loans	2,894	3,418
Revolving loans to term loans	1,622	2,633
Total gross loans	1,379,773	1,484,515
Multi-Family | Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	439	682
2019	1,829	19,837
2018	0	3,117
2017	3,072	5,558
Prior to 2017	1,701	1,868
Revolving Loans	0	0
Revolving loans to term loans	0	288
Total gross loans	7,041	31,350
Multi-Family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	682
2019	673	19,837
2018	0	3,117
2017	3,072	5,558
Prior to 2017	279	300
Revolving Loans	0	0
Revolving loans to term loans	0	288
Total gross loans	4,024	29,782
Multi-Family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	439	0
2019	1,156	0
2018	0	0
2017	0	0
Prior to 2017	1,422	1,568
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	3,017	1,568
Multi-Family | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Multi-Family | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Multi-Family | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	74,438	291,995
2020	303,340	180,271
2019	175,132	187,880
2018	192,255	169,310
2017	138,762	131,297
Prior to 2017	484,289	486,649
Revolving Loans	2,894	3,418
Revolving loans to term loans	1,622	2,346
Total gross loans	1,372,732	1,453,165
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
2021	114,736	90,768
2020	158,026	250,529
2019	269,951	150,376
2018	127,313	43,839
2017	9,410	1,568
Prior to 2017	418	512
Revolving Loans	0	0
Revolving loans to term loans	5,938	4,347
Total gross loans	685,792	541,939
Construction | Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	1,991
2020	1,975	14,508
2019	17,622	12,186
2018	2,967	615
2017	7,300	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	29,864	29,300
Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	1,991
2020	1,975	14,508
2019	17,622	7,877
2018	0	0
2017	7,300	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	26,897	24,376
Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	4,309
2018	2,967	615
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	2,967	4,924
Construction | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Construction | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Construction | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	114,736	88,777
2020	156,051	236,021
2019	252,329	138,190
2018	124,346	43,224
2017	2,110	1,568
Prior to 2017	418	512
Revolving Loans	0	0
Revolving loans to term loans	5,938	4,347
Total gross loans	655,928	512,639
Mortgage Portfolio Segment
Financing Receivable, Credit Quality Indicator [Line Items]
2021	832,991	1,251,149
2020	1,306,189	1,219,051
2019	1,196,997	885,763
2018	774,693	796,953
2017	686,558	575,553
Prior to 2017	2,073,800	1,941,138
Revolving Loans	95,424	72,067
Revolving loans to term loans	33,615	38,148
Total gross loans	7,000,267	6,779,822
Mortgage Portfolio Segment | Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	2,155
2020	4,211	49,738
2019	50,093	70,825
2018	59,511	49,886
2017	43,389	21,091
Prior to 2017	108,521	118,099
Revolving Loans	2,019	0
Revolving loans to term loans	0	1,333
Total gross loans	267,744	313,127
Mortgage Portfolio Segment | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	1,991
2020	3,772	44,458
2019	48,916	61,160
2018	28,757	25,955
2017	34,672	8,722
Prior to 2017	42,871	38,051
Revolving Loans	1,094	0
Revolving loans to term loans	0	1,333
Total gross loans	160,082	181,670
Mortgage Portfolio Segment | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	164
2020	439	5,280
2019	1,177	9,665
2018	30,754	23,931
2017	8,717	12,369
Prior to 2017	65,650	80,048
Revolving Loans	926	0
Revolving loans to term loans	0	0
Total gross loans	107,663	131,457
Mortgage Portfolio Segment | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Mortgage Portfolio Segment | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Mortgage Portfolio Segment | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	832,991	1,248,994
2020	1,301,978	1,169,313
2019	1,146,904	814,938
2018	715,182	747,067
2017	643,169	554,462
Prior to 2017	1,965,279	1,823,039
Revolving Loans	93,405	72,067
Revolving loans to term loans	33,615	36,815
Total gross loans	6,732,523	6,466,695
Mortgage Portfolio Segment | Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross loans	1,230,018	1,294,702
Mortgage Portfolio Segment | Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross loans	3,704,684	3,458,666
Mortgage Portfolio Segment | Multi-Family
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross loans	1,379,773	1,484,515
Mortgage Portfolio Segment | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross loans	685,792	541,939
Commercial Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	399,499	695,125
2020	231,599	221,019
2019	193,209	214,457
2018	179,646	222,458
2017	184,883	192,216
Prior to 2017	623,304	538,915
Revolving Loans	373,868	436,944
Revolving loans to term loans	48,011	46,335
Total gross loans	2,234,020	2,567,470
Commercial Loans | Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,980	0
2020	2,907	13,619
2019	10,863	8,565
2018	9,287	43,390
2017	37,441	50,291
Prior to 2017	109,033	123,186
Revolving Loans	23,613	39,536
Revolving loans to term loans	5,999	5,635
Total gross loans	201,122	284,222
Commercial Loans | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,980	0
2020	2,818	6,295
2019	3,839	6,038
2018	3,331	27,251
2017	21,391	9,779
Prior to 2017	41,325	81,355
Revolving Loans	3,210	22,745
Revolving loans to term loans	3,465	3,617
Total gross loans	81,359	157,080
Commercial Loans | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	89	7,324
2019	7,024	2,527
2018	5,956	16,139
2017	16,050	40,512
Prior to 2017	67,708	41,831
Revolving Loans	20,403	16,738
Revolving loans to term loans	2,534	2,018
Total gross loans	119,764	127,090
Commercial Loans | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	52
Revolving loans to term loans	0	0
Total gross loans	0	52
Commercial Loans | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Commercial Loans | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	397,519	695,125
2020	228,692	207,400
2019	182,346	205,892
2018	170,359	179,068
2017	147,442	141,925
Prior to 2017	514,271	415,729
Revolving Loans	350,255	397,408
Revolving loans to term loans	42,013	40,700
Total gross loans	2,032,897	2,283,247
Consumer Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	19,260	12,771
2020	5,721	50,657
2019	26,813	54,976
2018	22,630	45,768
2017	16,922	28,479
Prior to 2017	107,694	145,214
Revolving Loans	117,540	138,378
Revolving loans to term loans	17,162	16,323
Total gross loans	333,741	492,566
Consumer Loans | Total classified and criticized
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	25
2020	0	52
2019	17	14
2018	119	70
2017	80	2,940
Prior to 2017	1,117	1,529
Revolving Loans	7	2,540
Revolving loans to term loans	63	1,441
Total gross loans	1,403	8,611
Consumer Loans | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	3
2019	0	0
2018	0	70
2017	0	28
Prior to 2017	0	299
Revolving Loans	0	1,304
Revolving loans to term loans	0	163
Total gross loans	0	1,867
Consumer Loans | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	25
2020	0	49
2019	17	14
2018	119	0
2017	80	2,912
Prior to 2017	1,117	1,230
Revolving Loans	7	1,236
Revolving loans to term loans	63	1,278
Total gross loans	1,403	6,744
Consumer Loans | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Consumer Loans | Loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior to 2017	0	0
Revolving Loans	0	0
Revolving loans to term loans	0	0
Total gross loans	0	0
Consumer Loans | Pass/Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	19,260	12,746
2020	5,721	50,605
2019	26,796	54,962
2018	22,511	45,698
2017	16,842	25,539
Prior to 2017	106,577	143,685
Revolving Loans	117,533	135,839
Revolving loans to term loans	17,098	14,881
Total gross loans	$ 332,339	$ 483,955

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Deposits (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Banking and Thrift, Other Disclosures [Abstract]
Savings	$ 1,428,630	$ 1,348,147
Money market	2,461,688	2,245,412
NOW	3,558,816	2,808,637
Non-interest bearing	2,606,983	2,341,459
Certificates of deposit	780,504	1,094,174
Total deposits	$ 10,836,621	$ 9,837,829

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Borrowed Funds - Schedule of Borrowed Funds (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Securities sold under repurchase agreements	$ 114,004	$ 99,936
FHLB line of credit	0	25,000
FHLB advances	503,371	1,051,036
Borrowed funds	$ 617,375	$ 1,175,972

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Borrowed Funds - Scheduled FHLB Advances (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Due in one year or less	$ 347,623
Due after one year through two years	58,589
Due after two years through three years	22,899
Due after three years through four years	74,260
Due after four years through five years	0
Thereafter	0
Total FHLB advances	$ 503,371	$ 1,051,036

XML

Borrowed Funds - Scheduled Securities Sold Under Repurchase Agreements (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total securities sold under repurchase agreements	$ 114,004	$ 99,936
Securities Loaned or Sold under Agreements to Repurchase
Debt Instrument [Line Items]
Due in one year or less	114,004
Due after one year through two years	0
Due after two years through three years	0
Due after three years through four years	0
Due after four years through five years	0
Thereafter	0
Total securities sold under repurchase agreements	$ 114,004

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Borrowed Funds - Debt Disclosure by Year (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Securities sold under repurchase agreements, maximum balance	$ 123,415,000	$ 115,233,000
FHLB line of credit, maximum balance	0	422,000,000
FHLB advances, maximum balance	941,939,000	1,177,083,000
Securities sold under repurchase agreements, average balance	112,838,000	86,194,000
FHLB line of credit, average balance	275,000	97,853,000
FHLB advances, average balance	$ 731,127,000	$ 1,045,282,000
Securities sold under repurchase agreements, weighted average interest rate	0.05%	0.28%
FHLB line of credit, weighted average interest rate	0.34%	1.09%
FHLB advances, weighted average interest rate	1.30%	1.49%

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Borrowed Funds - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Interest expense, borrowings			$ 1.8	$ 3.9	$ 7.1	$ 13.1
Available-for-sale Securities
Debt Instrument [Line Items]
Securities Sold Under Repurchase Agreements	$ 129.7	$ 105.1

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Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($)			9 Months Ended	12 Months Ended
	Sep. 30, 2021	Jan. 01, 2007	Sep. 30, 2021	Dec. 31, 2002
Retirement Benefits [Abstract]
Service period for employees of coverage age, years (at least)			1 year
Defined benefit plan, percentage vested	100.00%		100.00%
Retiree benefits eliminated if less than service period, years (less than)		10 years		10 years
Defined benefit plan, contributions by employer	$ 0

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Components of Net Periodic Benefit Cost (Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension benefits
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	198	250	594	750
Expected return on plan assets	(807)	(737)	(2,421)	(2,211)
Amortization of prior service cost	0	0	0	0
Amortization of the net loss (gain)	118	174	354	522
Net periodic (decrease) increase in benefit cost	(491)	(313)	(1,473)	(939)
Other post-retirement benefits
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	8	19	26	59
Interest cost	106	178	318	534
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of the net loss (gain)	(267)	(62)	(803)	(186)
Net periodic (decrease) increase in benefit cost	$ (153)	$ 135	$ (459)	$ 407

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Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for credit losses for off-balance sheet credit exposure	$ 7,200		$ 7,200		$ 5,000	$ 0
Retained earnings	794,713		794,713		$ 718,090
Credit loss expense (reversal) for off balance sheet credit exposures	$ 980	$ (575)	$ 2,155	$ 5,714
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for credit losses for off-balance sheet credit exposure						3,206
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for credit losses for off-balance sheet credit exposure						3,206
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for credit losses for off-balance sheet credit exposure						3,200
Accounting Standards Update 2016-13, Effect On Off-Balance Sheet Items
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings						$ 2,400

XML

Fair Value Measurements (Narrative) (Detail) $ in Millions	Sep. 30, 2021 USD ($) security	Dec. 31, 2020 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash | $	$ 47.6	$ 114.3
Minimum | Measurement Input, Cost to Sell | Valuation, Market Approach
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impaired loans, measurement input	0.05
Foreclosed assets, measurement input	0.05
Maximum | Measurement Input, Cost to Sell | Valuation, Market Approach
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impaired loans, measurement input	0.10
Foreclosed assets, measurement input	0.10

XML

Fair Value Measurements (Assets and Liabilities) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	$ 1,918,473	$ 1,105,489
Equity securities	1,267	971
Derivative assets	76,919	109,114
Derivative Liability	78,212	117,597
Foreclosed assets	1,619	4,475
Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	99,522	1,009
Equity securities	1,267	971
Derivative assets	0	0
Derivative Liability	0	0
Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	1,818,951	1,104,480
Equity securities	0	0
Derivative assets	76,223	101,079
Derivative Liability	77,039	109,148
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Derivative assets	0	0
Derivative Liability	0	0
Agency Obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	1,009
Agency Obligations | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Agency Obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	1,663,061	938,413
Mortgage-backed securities | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Mortgage-backed securities | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	1,663,061	938,413
Mortgage-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	47,880	53,830
Asset-backed securities | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value
Asset-backed securities | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	47,880	53,830
Asset-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value
State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	69,484	71,258
State and municipal obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
State and municipal obligations | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	69,484	71,258
State and municipal obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	38,526	40,979
Corporate obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Corporate obligations | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	38,526	40,979
Corporate obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	1,918,473	1,105,489
Equity securities	1,267	971
Derivative assets	76,223	101,079
Total assets acquired	1,995,963	1,207,539
Derivative Liability	77,039	109,148
Measured on a Recurring Basis | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	99,522	1,009
Equity securities	1,267	971
Derivative assets	0	0
Total assets acquired	100,789	1,980
Derivative Liability	0	0
Measured on a Recurring Basis | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	1,818,951	1,104,480
Equity securities	0	0
Derivative assets	76,223	101,079
Total assets acquired	1,895,174	1,205,559
Derivative Liability	77,039	109,148
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Equity securities	0	0
Derivative assets	0	0
Total assets acquired	0	0
Derivative Liability	0	0
Measured on a Recurring Basis | U.S. Treasury obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	99,522
Measured on a Recurring Basis | U.S. Treasury obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	99,522
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0
Measured on a Recurring Basis | Agency Obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value		1,009
Measured on a Recurring Basis | Agency Obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value		1,009
Measured on a Recurring Basis | Agency Obligations | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value		0
Measured on a Recurring Basis | Agency Obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value		0
Measured on a Recurring Basis | Mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	1,663,061	938,413
Measured on a Recurring Basis | Mortgage-backed securities | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis | Mortgage-backed securities | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	1,663,061	938,413
Measured on a Recurring Basis | Mortgage-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	47,880	53,830
Measured on a Recurring Basis | Asset-backed securities | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis | Asset-backed securities | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	47,880	53,830
Measured on a Recurring Basis | Asset-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	69,484	71,258
Measured on a Recurring Basis | State and municipal obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis | State and municipal obligations | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	69,484	71,258
Measured on a Recurring Basis | State and municipal obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis | Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	38,526	40,979
Measured on a Recurring Basis | Corporate obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Recurring Basis | Corporate obligations | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	38,526	40,979
Measured on a Recurring Basis | Corporate obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities, at fair value	0	0
Measured on a Non-Recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets acquired	33,366	30,725
Loans measured for impairment based on the fair value of the underlying collateral	31,747	26,250
Foreclosed assets	1,619	4,475
Measured on a Non-Recurring Basis | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets acquired	0	0
Loans measured for impairment based on the fair value of the underlying collateral	0	0
Foreclosed assets	0	0
Measured on a Non-Recurring Basis | Significant Other Observable  Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets acquired	0	0
Loans measured for impairment based on the fair value of the underlying collateral	0	0
Foreclosed assets	0	0
Measured on a Non-Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets acquired	33,366	30,725
Loans measured for impairment based on the fair value of the underlying collateral	31,747	26,250
Foreclosed assets	$ 1,619	$ 4,475

XML

Fair Value Measurements (Financial Instruments) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Cash and cash equivalents	$ 505,289	$ 532,353
Available for sale debt securities, at fair value	1,918,473	1,105,489
Investment securities held to maturity, fair value	441,888	472,529
Federal Home Loan Bank stock	34,044	59,489
Equity securities	1,267	971
Loans, net of allowance for credit losses	9,474,567	9,721,424
Derivative assets	76,919	109,114
Financial liabilities:
Certificates of deposit	780,504	1,094,174
Total deposits	10,836,621	9,837,829
Borrowed funds	617,375	1,175,972
Subordinated debentures	25,249	25,135
Derivative Liability	78,212	117,597
Quoted Prices in Active  Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	505,289	532,353
Available for sale debt securities, at fair value	99,522	1,009
Investment securities held to maturity, fair value	9,942	7,601
Federal Home Loan Bank stock	34,044	59,489
Equity securities	1,267	971
Loans, net of allowance for credit losses	0	0
Derivative assets	0	0
Financial liabilities:
Deposits other than certificates of deposits	10,056,117	8,743,655
Certificates of deposit	0	0
Total deposits	10,056,117	8,743,655
Borrowed funds	0	0
Subordinated debentures	0	0
Derivative Liability	0	0
Significant Other Observable  Inputs (Level 2)
Financial assets:
Cash and cash equivalents	0	0
Available for sale debt securities, at fair value	1,818,951	1,104,480
Investment securities held to maturity, fair value	431,946	464,928
Federal Home Loan Bank stock	0	0
Equity securities	0	0
Loans, net of allowance for credit losses	0	0
Derivative assets	76,223	101,079
Financial liabilities:
Deposits other than certificates of deposits	0	0
Certificates of deposit	782,364	1,097,993
Total deposits	782,364	1,097,993
Borrowed funds	619,821	1,193,024
Subordinated debentures	29,548	24,375
Derivative Liability	77,039	109,148
Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	0	0
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Federal Home Loan Bank stock	0	0
Equity securities	0	0
Loans, net of allowance for credit losses	9,630,317	9,969,330
Derivative assets	0	0
Financial liabilities:
Deposits other than certificates of deposits	0	0
Certificates of deposit	0	0
Total deposits	0	0
Borrowed funds	0	0
Subordinated debentures	0	0
Derivative Liability	0	0
U.S. Treasury obligations
Financial assets:
Available for sale debt securities, at fair value	99,522
U.S. Treasury obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Financial assets:
Available for sale debt securities, at fair value	99,522	0
U.S. Treasury obligations | Significant Other Observable  Inputs (Level 2)
Financial assets:
Available for sale debt securities, at fair value	0	0
U.S. Treasury obligations | Significant Unobservable Inputs (Level 3)
Financial assets:
Available for sale debt securities, at fair value	0	0
Agency Obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Financial assets:
Available for sale debt securities, at fair value	0	1,009
Investment securities held to maturity, fair value	9,942	7,601
Agency Obligations | Significant Other Observable  Inputs (Level 2)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Agency Obligations | Significant Unobservable Inputs (Level 3)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Mortgage-backed securities
Financial assets:
Available for sale debt securities, at fair value	1,663,061	938,413
Investment securities held to maturity, fair value	30	64
Mortgage-backed securities | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Mortgage-backed securities | Significant Other Observable  Inputs (Level 2)
Financial assets:
Available for sale debt securities, at fair value	1,663,061	938,413
Investment securities held to maturity, fair value	30	64
Mortgage-backed securities | Significant Unobservable Inputs (Level 3)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Asset-backed securities
Financial assets:
Available for sale debt securities, at fair value	47,880	53,830
Asset-backed securities | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Financial assets:
Available for sale debt securities, at fair value
Asset-backed securities | Significant Other Observable  Inputs (Level 2)
Financial assets:
Available for sale debt securities, at fair value	47,880	53,830
Asset-backed securities | Significant Unobservable Inputs (Level 3)
Financial assets:
Available for sale debt securities, at fair value
State and municipal obligations
Financial assets:
Available for sale debt securities, at fair value	69,484	71,258
Investment securities held to maturity, fair value	422,320	455,039
State and municipal obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
State and municipal obligations | Significant Other Observable  Inputs (Level 2)
Financial assets:
Available for sale debt securities, at fair value	69,484	71,258
Investment securities held to maturity, fair value	422,320	455,039
State and municipal obligations | Significant Unobservable Inputs (Level 3)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Corporate obligations
Financial assets:
Available for sale debt securities, at fair value	38,526	40,979
Investment securities held to maturity, fair value	9,596	9,825
Corporate obligations | Quoted Prices in Active  Markets for Identical Assets (Level 1)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Corporate obligations | Significant Other Observable  Inputs (Level 2)
Financial assets:
Available for sale debt securities, at fair value	38,526	40,979
Investment securities held to maturity, fair value	9,596	9,825
Corporate obligations | Significant Unobservable Inputs (Level 3)
Financial assets:
Available for sale debt securities, at fair value	0	0
Investment securities held to maturity, fair value	0	0
Carrying Value
Financial assets:
Cash and cash equivalents	505,289	532,353
Available for sale debt securities, at fair value	1,918,473	1,105,489
Investment securities held to maturity, fair value	427,039	450,965
Federal Home Loan Bank stock	34,044	59,489
Equity securities	1,267	971
Loans, net of allowance for credit losses	9,474,567	9,721,424
Derivative assets	76,223	101,079
Financial liabilities:
Deposits other than certificates of deposits	10,056,117	8,743,655
Certificates of deposit	780,504	1,094,174
Total deposits	10,836,621	9,837,829
Borrowed funds	617,375	1,175,972
Subordinated debentures	25,249	25,135
Derivative Liability	77,039	109,148
Carrying Value | U.S. Treasury obligations
Financial assets:
Available for sale debt securities, at fair value	99,522
Carrying Value | Agency Obligations
Financial assets:
Available for sale debt securities, at fair value	0	1,009
Investment securities held to maturity, fair value	9,996	7,600
Carrying Value | Mortgage-backed securities
Financial assets:
Available for sale debt securities, at fair value	1,663,061	938,413
Investment securities held to maturity, fair value	29	62
Carrying Value | Asset-backed securities
Financial assets:
Available for sale debt securities, at fair value	47,880	53,830
Carrying Value | State and municipal obligations
Financial assets:
Available for sale debt securities, at fair value	69,484	71,258
Investment securities held to maturity, fair value	407,397	433,589
Carrying Value | Corporate obligations
Financial assets:
Available for sale debt securities, at fair value	38,526	40,979
Investment securities held to maturity, fair value	9,617	9,714
Fair Value
Financial assets:
Cash and cash equivalents	505,289	532,353
Available for sale debt securities, at fair value	1,918,473	1,105,489
Investment securities held to maturity, fair value	441,888	472,529
Federal Home Loan Bank stock	34,044	59,489
Equity securities	1,267	971
Loans, net of allowance for credit losses	9,630,317	9,969,330
Derivative assets	76,223	101,079
Financial liabilities:
Deposits other than certificates of deposits	10,056,117	8,743,655
Certificates of deposit	782,364	1,097,993
Total deposits	10,838,481	9,841,648
Borrowed funds	619,821	1,193,024
Subordinated debentures	29,548	24,375
Derivative Liability	77,039	109,148
Fair Value | U.S. Treasury obligations
Financial assets:
Available for sale debt securities, at fair value	99,522	0
Fair Value | Agency Obligations
Financial assets:
Available for sale debt securities, at fair value	0	1,009
Investment securities held to maturity, fair value	9,942	7,601
Fair Value | Mortgage-backed securities
Financial assets:
Available for sale debt securities, at fair value	1,663,061	938,413
Investment securities held to maturity, fair value	30	64
Fair Value | Asset-backed securities
Financial assets:
Available for sale debt securities, at fair value	47,880	53,830
Fair Value | State and municipal obligations
Financial assets:
Available for sale debt securities, at fair value	69,484	71,258
Investment securities held to maturity, fair value	422,320	455,039
Fair Value | Corporate obligations
Financial assets:
Available for sale debt securities, at fair value	38,526	40,979
Investment securities held to maturity, fair value	$ 9,596	$ 9,825

XML

Other Comprehensive Income (Components of OCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$ (10,765)	$ (578)	$ (19,630)	$ 20,733
Reclassification adjustment for gains included in net income	0	0	(230)	0
Total	(10,765)	(578)	(19,860)	20,733
Unrealized gains (losses) on derivatives (cash flow hedges)	2,382	1,186	6,959	(8,242)
Amortization related to post-retirement obligations	(138)	115	(435)	322
Total other comprehensive (loss) income	(8,521)	723	(13,336)	12,813
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	2,775	150	5,061	(5,345)
Reclassification adjustment for gains included in net income	0	0	59	0
Total	2,775	150	5,120	(5,345)
Unrealized gains (losses) on derivatives (cash flow hedges)	(614)	(306)	(1,794)	2,125
Amortization related to post-retirement obligations	35	(30)	112	(83)
Total other comprehensive (loss) income	2,196	(186)	3,438	(3,303)
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	(7,990)	(428)	(14,569)	15,388
Reclassification adjustment for gains included in net income	0	0	(171)	0
Total	(7,990)	(428)	(14,740)	15,388
Unrealized gains (losses) on derivatives (cash flow hedges)	1,768	880	5,165	(6,117)
Amortization related to post-retirement obligations	(103)	85	(323)	239
Total other comprehensive (loss) income	$ (6,325)	$ 537	$ (9,898)	$ 9,510

XML

Other Comprehensive Income (Components of AOCI) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,677,634	$ 1,410,407	$ 1,619,797	$ 1,413,840
Current - period other comprehensive (loss) income	(6,325)	537	(9,898)	9,510
Ending Balance	1,679,424	1,601,569	1,679,424	1,601,569
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	14,082	12,794	17,655	3,821
Current - period other comprehensive (loss) income	(6,325)	537	(9,898)	9,510
Ending Balance	7,757	13,331	7,757	13,331
Unrealized Gains (Losses) on Available for Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	16,940	24,562	23,690	8,746
Current - period other comprehensive (loss) income	(7,990)	(428)	(14,740)	15,388
Ending Balance	8,950	24,134	8,950	24,134
Post- Retirement Obligations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,301)	(5,086)	(1,081)	(5,240)
Current - period other comprehensive (loss) income	(103)	85	(323)	239
Ending Balance	(1,404)	(5,001)	(1,404)	(5,001)
Unrealized (Losses) Gains on Derivatives (cash flow hedges)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,557)	(6,682)	(4,954)	315
Current - period other comprehensive (loss) income	1,768	880	5,165	(6,117)
Ending Balance	$ 211	$ (5,802)	$ 211	$ (5,802)

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Other Comprehensive Income (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Compensation and employee benefits	$ (37,554)	$ (35,700)	$ (107,737)	$ (96,095)
Net gain on securities transactions	27	0	257	55
Income tax expense	(12,913)	(9,285)	(44,417)	(18,257)
Total reclassification	37,268	27,143	130,618	56,384
Reclassification adjustment | Post- Retirement Obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Compensation and employee benefits	(149)	112	(449)	336
Income tax expense	38	(27)	119	(97)
Total reclassification	$ (111)	$ 85	(330)	239
Reclassification adjustment | Unrealized Gains (Losses) on Available for Sale Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net gain on securities transactions			(230)	0
Income tax expense			59	0
Total reclassification			$ (171)	$ 0

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Derivatives and Hedging Activities (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021 USD ($) counterparty instrument	Dec. 31, 2020 USD ($) instrument
Derivative [Line Items]
Amount of collateral	$ 46,895,000	$ 113,620,000
Derivative instruments in accumulated other comprehensive income reclassified to interest expense	3,300,000
Notional amount	$ 600,000,000
Number of counterparties | counterparty	4
Counterparty in liability position | counterparty	4
Derivative liability, termination value	$ 50,000,000
Collateral against obligations	46,900,000
Derivatives Not Designated as a Hedging Instruments
Derivative [Line Items]
Credit derivatives, fair value	$ 106,500	$ 97,000
Derivatives Not Designated as a Hedging Instruments | Interest rate products
Derivative [Line Items]
Number of derivative instruments held | instrument	170	172
Derivative notional amount	$ 2,550,000,000	$ 2,630,000,000
Derivatives Not Designated as a Hedging Instruments | Credit contracts
Derivative [Line Items]
Number of derivative instruments held | instrument	13
Derivative notional amount	$ 140,700,000	$ 121,700,000
Amount of collateral	$ 650,000
Designated as Hedging Instrument
Derivative [Line Items]
Number of outstanding derivatives | instrument	14

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Derivatives and Hedging Activities (Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Asset Derivative, Fair value	$ 76,919	$ 109,114
Liability Derivative, Fair value	78,212	117,597
Derivatives Not Designated as a Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivative, Fair value	71,886	107,749
Liability Derivative, Fair value	72,987	109,148
Derivatives Not Designated as a Hedging Instruments | Other assets | Interest rate products
Derivatives, Fair Value [Line Items]
Asset Derivative, Fair value	71,779	107,652
Derivatives Not Designated as a Hedging Instruments | Other assets | Credit contracts
Derivatives, Fair Value [Line Items]
Asset Derivative, Fair value	107	97
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Interest rate products
Derivatives, Fair Value [Line Items]
Liability Derivative, Fair value	72,947	109,148
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Credit contracts
Derivatives, Fair Value [Line Items]
Liability Derivative, Fair value	40	0
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivative, Fair value	4,337	(6,671)
Liability Derivative, Fair value	4,052	0
Designated as Hedging Instrument | Other assets | Interest rate products
Derivatives, Fair Value [Line Items]
Asset Derivative, Fair value	4,337	(6,671)
Designated as Hedging Instrument | Other liabilities | Interest rate products
Derivatives, Fair Value [Line Items]
Liability Derivative, Fair value	$ 4,052	$ 0

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Derivatives and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivatives Not Designated as a Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in Income on derivatives	$ 172	$ 486	$ 296	$ (563)
Derivatives Not Designated as a Hedging Instruments | Interest rate products | Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in Income on derivatives	191	26	268	(1,022)
Derivatives Not Designated as a Hedging Instruments | Credit contracts | Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in Income on derivatives	(19)	460	28	459
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in Income on derivatives	1,030	855	2,856	875
Designated as Hedging Instrument | Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in Income on derivatives	$ 1,030	$ 855	$ 2,856	$ 875

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Derivatives and Hedging Activities (Offset Fair Value and Notional Amount) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Asset Derivatives
Total gross derivative amounts recognized on the balance sheet	$ 76,919	$ 109,114
Gross amounts offset on the balance sheet	0	0
Net derivative amounts presented on the balance sheet	76,919	109,114
Financial instruments - institutional counterparties	16,195	928
Cash collateral - institutional counterparties	0	0
Net derivatives not offset	60,724	108,186
Liability Derivatives
Notional Amount	600,000
Total gross derivative amounts recognized on the balance sheet	78,212	117,597
Gross amounts offset on the balance sheet	0	0
Net derivative amounts presented on the balance sheet	78,212	117,597
Financial instruments - institutional counterparties	16,195	928
Cash Collateral	46,895	113,620
Net derivatives not offset	15,122	3,049
Derivatives Not Designated as a Hedging Instruments
Asset Derivatives
Fair Value	72,618	108,616
Total gross derivative amounts recognized on the balance sheet	71,886	107,749
Liability Derivatives
Fair Value	73,719	110,015
Total gross derivative amounts recognized on the balance sheet	72,987	109,148
Derivatives Not Designated as a Hedging Instruments | Credit contracts
Liability Derivatives
Cash Collateral	650
Derivatives Not Designated as a Hedging Instruments | Other assets | Interest rate products
Asset Derivatives
Notional Amount	1,272,593	1,316,163
Fair Value	72,511	108,519
Total gross derivative amounts recognized on the balance sheet	71,779	107,652
Derivatives Not Designated as a Hedging Instruments | Other assets | Credit contracts
Asset Derivatives
Notional Amount	47,712	47,745
Fair Value	107	97
Total gross derivative amounts recognized on the balance sheet	107	97
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Interest rate products
Liability Derivatives
Notional Amount	1,272,593	1,316,163
Fair Value	73,679	109,957
Total gross derivative amounts recognized on the balance sheet	72,947	109,148
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Credit contracts
Liability Derivatives
Notional Amount	92,950	73,954
Fair Value	40	58
Total gross derivative amounts recognized on the balance sheet	40	0
Designated as Hedging Instrument
Asset Derivatives
Total gross derivative amounts recognized on the balance sheet	4,337	(6,671)
Liability Derivatives
Total gross derivative amounts recognized on the balance sheet	4,052	0
Designated as Hedging Instrument | Other assets | Interest rate products
Asset Derivatives
Notional Amount	250,000	175,000
Fair Value	4,301	498
Total gross derivative amounts recognized on the balance sheet	4,337	(6,671)
Designated as Hedging Instrument | Other liabilities | Interest rate products
Liability Derivatives
Notional Amount	350,000	425,000
Fair Value	4,493	7,582
Total gross derivative amounts recognized on the balance sheet	$ 4,052	$ 0

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Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Percentage of total revenue excluded from adoption of 606	81.00%	81.90%	82.00%	83.50%
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 14,177	$ 12,724	$ 43,677	$ 32,473
Total out-of-scope non-interest income	9,185	7,902	22,479	19,509
Total non-interest income	23,362	20,626	66,156	51,982
Wealth management fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	7,921	6,847	22,914	19,075
Insurance agency income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	2,433	1,711	8,009	1,711
Banking service charges and other fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	3,823	4,166	12,754	11,687
Service charges on deposit accounts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	2,910	2,473	7,965	7,520
Debit card and ATM fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 913	$ 1,693	$ 4,789	$ 4,167

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Leases (Supplemental Balance Sheet Information) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 48,491	$ 41,142
Operating lease, liability, statement of financial position [Extensible List]	Other liabilities	Other liabilities
Operating lease liabilities	$ 49,630	$ 42,042
Operating lease, right-of-use asset, statement of financial position [Extensible List]	Other assets	Other assets

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Leases (Additional Information) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	9 years 1 month 6 days
Weighted-average discount rate	2.80%
Operating Lease, Right-of-Use Asset	$ 48,491	$ 41,142
Operating lease liabilities	49,630	$ 42,042
Woodbridge, NJ
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	10,000
Operating lease liabilities	$ 10,000

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Leases (Supplemental Cash Flow and Lease Cost Information) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 2,417	$ 2,303	$ 7,559	$ 6,565
Variable lease cost	728	754	2,247	2,085
Total lease cost	$ 3,145	$ 3,057	9,806	8,650
Operating cash flows from operating leases			$ 6,861	$ 6,528

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Leases (Future Minimum Payments) (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 2,081
2022	7,351
2023	7,102
2024	6,720
2025	6,154
Thereafter	27,405
Total future minimum lease payments	56,813
Amounts representing interest	7,183
Present value of net future minimum lease payments	$ 49,630	$ 42,042

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Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]